Micrometer Machine Shop is considering a fouryear project to improve its production efficiency. Buying a new machine press for \($350,000\) is estimated to result in \($145,000\) in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of \($80,000.\) The press also requires an initial investment in spare parts inventory of \($18,000,\) along with an additional \($3,000\) in inventory for each succeeding year of the project. If the shop’s tax rate is 34 percent and its discount rate is 15 percent, should Micrometer buy and install the machine press?