Your firm is going to purchase a new piece of equipment. The equipment costs $790,000. The project will last 4 years. It will generate free cash flows of $180,000 in year 1. The project will generate free cash flows of $210,000 in year 2. The project will generate free cash flows of $420,000 in year 3. In the final year the project will generate free cash flows of $700,000. The required rate of return on the project is 5.5% compounded annually. What is the NPV of the project? Your answer should be accurate to two decimal places