Your firm is going to purchase a new piece of equipment. The equipment costs $780,000. The project will last 4 years. It will generate free cash flows of $120,000 in year 1. The project will generate free cash flows of $220,000 in year 2. The project will generate free cash flows of $330,000 in year 3. In the final year the project will generate free cash flows of $600,000. The required rate of return on the project is 8.0% compounded annually. What is the NPV of the project? Your answer should be accurate to two decimal places.