Geary Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $1,084,800 is estimated to result in $361,600 in annual pretax cost savings. The press falls in the MACRS five-year class (MACRS Table), and it will have a salvage value at the end of the project of $158,200. The press also requires an initial investment in spare parts inventory of $45,200, along with an additional $6,780 in inventory for each succeeding year of the project. Required : If the shop's tax rate is 31 percent and its discount rate is 18 percent, what is the NPV for this project? (Do not round your intermediate calculations.)