3. Chevron Phillips (CP) has put into place new laboratory equipment for the production of chemicals; the cost is $1,880,000 installed. CP borrows 41% of all capital needed, and the borrowing rate is 10.5%. In the 1 st year, 29% of the principal borrowed will be paid back. The throughput rate for in-process test samples has increased the capacity of the lab, saving a net of $X per year. In this 1 st year, depreciation $355,00 and taxable income is $332,000. access the TVM Factor Table Calculator access the MACRS-GDS table