1. The management of Jasper Equipment Company is planning to purchase a new milling machine that will cost $160,000 installed. The old milling machine has been fully depreciated but can be sold for $15,000. The new machine will be depreciated on a straight-line basis over its 10-year economic life. No salvage value is expected. If this milling machine will save Jasper $20,000 a year in cash expenses, what are the annual net cash flows associated with the purchase of this machine? Assume a marginal tax rate of 40 percent. Show all of your calculations with appropriate explanation. You won't earn any point without showing allof your calculation work.