Determine the net present value given the following:

Loo-Moo, Inc. has been offered a seven-year contract to provide component parts to Moo-Loo, Inc.

Cost of special equipment	$425,000
Working capital required	300,000
Resurface in 2 years	65,000
Resurface in 5 years	25,000
Salvage value of equip in 7 years	15,000
Annual cash flow and costs
Sales revenue from parts	2,000,000
Cost of parts sold	1,300,000
Salaries, shipping, etc.	450,000

At the end of seven years the working capital will be released and may be used elsewhere. Loo-Moo, Inc. uses a discount rate of 13%