Caradoc Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $419,000 is estimated to result in $159,000 in annual pre-tax cost savings. The press falls into Class 8 for CCA purposes (CCA rate of 20% per year), and it will have a salvage value at the end of the project of $55,900. The press also requires an initial investment in spare parts inventory of $29,000, along with an additional $4,000 in inventory for each succeeding year of the project. If the shops tax rate is 35% and its discount rate is 9%. Calculate the NPV of this project.