A firm is considering a proposal to replace one of its older machines by a new one. The feasibility study on the project has cost the company $6,000. The new equipment will cost $600,000 and require an additional outlay of $25,000 to cover installation and shipping. Removal of the old machine will cost $5,000. It will also require an increase of $8,000 in the net working capital at the beginning of the project. The project will also utilize a workshop that is currently owned by the company. In the absence of the project, the workshop would be sold for $750,000 which is equal to its book value. The old machine to be replaced has $90,000 of book value but can be sold for $100,000. The firm’s tax rate is 34%. What is the initial outlay (investment) of the project?