The Gypsy Barrell Company is considering the purchase of a new machine costing $500,000. This machine is estimated to cost $15,000 per year in operating expenses but it will allow the company to earn an additional $120,000 per year in revenues. The machine will be depreciated using the straight-line method over its 10 year life. There is no expected salvage value at the end of its life. If the required rate of return is 15% what is the net present value of this project?