Tanaka Machine Shop is considering a four$-$year project to improve its production efficiency. Buying a new machine press for $$500,000$ is estimated to result in $$205,000$ 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 $$84,000.$ Refer to Table $8\mathrm{.}3.$ The press also requires an initial investment in spare parts inventory of $$23,000,$ along with an additional $$2,800$ in inventory for each succeeding year of the project. The shop$$s tax rate is $23$ percent and the project's required return is $9$ percent. Calculate the NPV of this project.