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3. Janes, Inc., is considering the purchase of a machine that would cost $590,000 and would last for 9 years, at the end of which, the machine would have a salvage value of $59,000. The machine would reduce labor and other costs by $119,000 per year. Additional working capital of $5,000 would be needed immediately, all of which would be recovered at the end of 9 years. The company requires a minimum pretax return of 18% on all investment projects. (Ignore income taxes.) Required: Determine the net present value of the project. (Negative amount should be indicated by a minus sign. Round final answers to the nearest dollar amount) Net present value