Geller Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $530,000 is estimated to result in $192,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $45,000. The press also requires an initial investment in spare parts inventory of $15,000, along with an additional $4,000 in inventory for each succeeding year of the project. If the tax rate is 21 percent and the project’s required return is 9 percent, should the company buy and install the machine press?