You are evaluating a capital project that requires equipment with a total installed cost of $750,000. The equipment has an estimated life of 30 years, with an expected salvage value at the end of the project of $50,000. The project will be depreciated via the simplified straight-line depreciation method. In addition, a working capital investment of $5,000 is required. The project replaces an old piece of equipment that is currently in service and is fully depreciated but has an expected after-tax salvage value of $12,000. After replacing the old equipment, cash savings from decreased operating expenses are expected to amount to $200,000 per year. The firm's marginal tax rate is 40%, and the projected cost of capital is 10%. 

What is the net present value of this project?