Warmack Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $550,000 is estimated to result in $230,000 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 $93,000. The press also requires an initial investment in spare parts inventory of $28,000, along with an additional $3,300 in inventory for each succeeding year of the project. The shops tax rate is 34 percent and its discount rate is 9 percent. MACRS schedule

All the previous Chegg answers for this question are incorrect, so I was hoping you would help me out. Thanks-

Calculate the NPV of this project.

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