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 falls in the MACRS five$-$

year class $($MACRS schedule$)$ 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$.$