A proposed cost-saving device has an installed cost of $610,000. The device will be used in a 5 year project but is classified as 3 year MACRS property for tax purposes. The required initial net working capital investment is $55,000, the marginal tax rate is 35%, and the project discount rate is 12%. the device has an estimated 5 year salvage value of $40,000. What level of pretax cost savings do we require for this project to be profitable?