Masters Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $1,056,000 is estimated to result in $352,000 in annual pretax cost savings. The press falls in the MACRS five-year class (MACRS Table), and it will have a salvage value at the end of the project of $154,000. The press also requires an initial investment in spare parts inventory of $44,000, along with an additional $6,600 in inventory for each succeeding year of the project. If the shop's tax rate is 21 percent and its discount rate is 9 percent, what is the NPV for this project?

• $94,120.39

• $96,800.11

• $-33,240.39

• $98,826.41

• $89,414.37