Banbridge Co is about to carry out net present value analysis on a project. If the project is undertaken, a machine will be used that cost $300,000 when it was purchased two years ago and has a current written down value of $250,000. If the project is not undertaken, the machine could either be sold for $150,000 or used for another purpose. If it is used for another purpose, the company will be spared the cost of acquiring a new machine for $220,000. However, some improvements to the existing machine, costing $20,000, will be necessary.

What is the relevant cost of the machine when calculating the net present value of the project?