JT Engineering wants to replace an existing machine with a new machine that will increase productivity and lower costs. The current machine can be immediately sold for $4,000; the new machine costs $285,000, has an estimated 10-year life, and an estimated salvage value of $20,000 at the end of its useful life. Estimated net annual cash savings are $47,000. JTs required rate of return is 11%, which at n=10 has an annuity present value factor of 5.8892 and a single sum factor of 0.35218. What is the NPV of this purchase? Round all amounts to the nearest dollar