A $$83,000$ machine with a $7-$year class life was purchased $6$ years ago. The machine will

now be sold for $$25,000$ and replaced with a new machine costing $$60,000,$ with a $5-$year

class life. The new machine will not increase sales, but will decrease operating costs by

$$16,000$ per year. Simplified straight line depreciation is employed for both machines, and

the marginal corporate tax rate is $34$ percent. What is the initial outlay for the project?