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Problem $9-17$ Project Evaluation $($LO$2)$

Ilana Industries Incorporated needs a new lathe. It can buy a new high$-$speed lathe for $$1\mathrm{.}8$ million. The lathe will cost $$43,000$ per year to run, but it will save the firm $$188,000$ in labor costs and will be useful for $10$ years. Suppose that, for tax purposes, the lathe is entitled to $100\%$ bonus depreciation. At the end of the $10$ years, the lathe can be sold for $$350,000.$ The discount rate is $12\%,$ and the corporate tax rate is $21\%.$ What is the NPV of buying the new lathe?

Note: A negative amount should be indicated by a minus sign. Enter your answer in dollars not in millions. Do not round intermediate calculations. Round your answer to $2$ decimal places.

Answer is complete but not entirely correct.

$$(662,106\mathrm{.}70)ox$