15. (16 points) Hobie Corp. has the following information for the purchase of a new machine in its manufacturing process: Cost of the machine Expected useful life - the cost of the machine will be depreciated on a straight-line basis to a terminal disposal value of zero. Working capital investment upon machine purchase (fully recovered at the end of the useful life) Annual cost savings with the new machine Machine's expected salvage value at the end of four years $225,000 4 years $12,000 $ 66,000 $8,000 8% Hobie's tax rate 15% a. Calculate the net present value (NPV) of the project (round your solution to dollars). Required rate of return b. What is the payback period of the project (round your solution to two decimal places)? c. Should the project be accepted or rejected? Why?