Tanaka Machine Shop is considering a four$-$year project to improve its

production efficiency. Buying a new machine press for $$417,000$ is estimated to

result in $$155,000$ 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 $$56,000.$ The press also requires an initial investment in spare

parts inventory of $$16,100,$ along with an additional $$3,100$ in inventory for each

succeeding year of the project. The shop's tax rate is $21$ percent and its

discount rate is $8$ percent. Calculate the project's NPV$.$

Note: Do not round intermediate calculations and round your answer to $2$

decimal places, e$.$g$.,32\mathrm{.}16.$

Net present value