Noway Jose Communications, Inc., is considering the purchase of a new piece of computerized data transmission equipment. Estimated annual net cash inflows for the new equipment are $ 590,000. The equipment costs $2 million, it has a five-year life, and it will have no residual value at the end of the five year. The company has a minimum rate of return of 12 percent. Compute the net present value of the piece of equipment. Should the company purchase it? Use Table 2 in the appendix on present value tables.