Joos Company is considering the purchase of a new machine costing $245,000. This machine is estimated to use about $5,400 per year in operating expenses, but it will allow the company to earn an additional $92,000 per year in revenues. At the end of 3 years the machine will have a salvage value of $35,000. If the income tax rate is 30%, and the required rate of return is 8% what is the net present value of this project?