a city is considering puechasing equipment to upgrade the responsiveness of its 911 system. The equipment will cost $1 million at the beginning of the project. The equipment has a useful like of five years but will have no salvage value. An analyst estimates the real dollar value of improvements in health outcomes and property damage resulting from the upgrade would be $220,000 per year. The analyst notes that the city typically pays a nominal interest rate of 4% on its debt and suggests using this interest rate as the discount rate. Assume inflation over this period is expected to be 2% and that the benefits will occur at the end of each year. Calculate the net present value of this improvement. Keep in mind there are several steps to this problem and that you should show your calculations.