Ilana Industries Inc. needs a new lathe. It can buy a new high-speed lathe for

Ilana Industries Inc. needs a new lathe. It can buy a new high-speed lathe for $1.8 million. The lathe will cost $53000 per year
to run but will save the firm $183000 in labor costs and will be useful for 10 years. Suppose that for tax purposes the lathe
will be depreciated on a straight-line basis over its 10-year life to a salvage value of $500000. The actual market value of the
lathe at that time also will be $500000. The discount rate is 12% and the corporate tax rate is 30%. What is the NPV of buying
the new lathe? (Negative amount should be indicated by a minus sign. Enter your answer in dollars not in
millions. Do not round intermediate calculations. Round your answer to 2 decimal places.)