Faith Hospital, a tax-paying entity, wants to replace its current telemedicine system with a new version, which would cost $6 million. This new system has a five-year life and would be depreciated over a straight-line basis to a salvage of $900,000. The current telemedicine system was purchased five years ago for $8 million, has five years remaining on its useful life, and would be depreciated similarly to a salvage of $400,000. This current system could be sold in the market place right now for $2 million. The new telemedicine system has annual labor operating costs of $25,000, while the current system has annual labor operating costs of $300,000. Neither system will change patient revenues. The hospital has a 40 percent tax rate and required rate of return of 6 percent. The financial analysis will be projected over a five-year period. Use the Net Present Value approach to determine if the new telemedicine system should be selected. (Hint: see Appendix F.)