Problem $9-24$ NPV and Bonus Depreciation $[$LO $2]$

Tanaka Machine Shop is considering a four$-$year project to improve its production efficiency. Buying a new machine press for $$429,000$ is estimated to result in $$161,000$ in annual pretax cost savings. The press qualifies for $100$ percent bonus depreciation and it will have a salvage value at the end of the project of $$62,000.$ The press also requires an initial investment in spare parts inventory of $$16,700,$ along with an additional $$3,700$ in inventory for each succeeding year of the project. The shop's tax rate is $22$ percent and its discount rate is $9$ percent. Calculate the project's NPV$.$

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Answer is complete but not entirely correct.

NPV

$$,-16,583\mathrm{.}50$