Tanaka Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $413,000 is estimated to result in $153,000 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 $54,000. The press also requires an initial investment in spare parts inventory of $15,900, along with an additional $2,900 in inventory for each succeeding year of the project. The shops tax rate is 24 percent and its discount rate is 11 percent. Calculate the project's NPV.

Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.

Table 9.7 Modified ACRS depreciation allowances

Year	Property Class
	3-Year	5-Year	7-Year
1	33.33%	20.00%	14.29%
2	44.45	32.00	24.49
3	14.81	19.20	17.49
4	7.41	11.52	12.49
5		11.52	8.93
6		5.76	8.92
7			8.93
8			4.46