4. (20 marks) An engineering project involves the purchase of a capital asset with the first cost of $160,000, operating costs of $10,500 per year and a service life of 8 years. The expected revenue is $50,000 on the first year, $60,000 for years 2 and 3, $75,000 for years 4 and 5, and then it will be $80,000 over the years of 6, 7, and 8. If the CCA rate is 22%, interest rate is 10% and the corporate tax rate is 32%, what is the project's present worth