Geller Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $480,000 is estimated to result in $195,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $81,000. The press also requires an initial investment in spare parts inventory of $21,000, along with an additional $2,600 in inventory for each succeeding year of the project. The shop's tax rate is 21 percent and the project's required return is 8 percent. Refer to Table 8.3. Calculate the NPV of this project. (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) NPV RECOVERY PERIOD CLASS 5 YEARS 7 YEARS 10 YEARS 15 YEARS TABLE 8.3 Depreciation under Modified Accelerated Cost Recovery System (MACRS) 20 YEARS YEAR 3 YEARS 1 2 3 3333 4445 1481 0741 2000 3200 1920 1152 1152 0576 4 1429 2449 1749 1249 0893 0892 0893 0446 5 1000 1800 1440 1152 0922 0737 0655 0655 0656 0655 0328 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 0500 0950 0855 0770 0693 0623 0590 0590 0591 0590 0591 0590 0591 0590 0591 0295 03750 07219 06677 05177 05713 05285 04888 04522 04462 04461 04462 04460 04462 04461 04462 04451 04462 04461 04462 04461 02231 Depreciation is expressed as a percent of the cost. These schedules based on Sublication to pre Proty and other details on depreciation are presented at the chapter. Note that a deprecation actually years IRS mes purchase is made in midyear