Assume that United Technologies is evaluating a proposal to change the company's manual design system to a computer$-$aided design $($CAD$)$ system. The proposed system is expected to save $10,000$ design hours per year; an operating cost savings of $$50$ per hour. The annual cash expenditures of operating the CAD system are estimated to be $$250,000.$ The CAD system requires an initial investment of $$500,000.$ The estimated life of this system is five years with no salvage value. The tax rate is $36$ percent. United Technologies has a cost of capital of $20$ percent.

Assume that management intends to use double$-$declining balance depreciation with a switch to straight$-$line depreciation $($applied to any undepreciated balance$)$ starting in Year $4.$

Determine the project's net present value. Round your answer to the nearest dollar.

Answer: $ $\_\_\_\_\_$