A company is evaluating the feasibility of investing in machinery to manufacture an automotive component. It would need to make an investment of $570,000 today, after which, it would have to spend $9,000 every year starting one year from now, for eight years. At the end of the period, the machine would have a salvage value of $13,000. The company confirmed that it can produce and sell 7,750 components every year for eight years and the net return would be $13.30 per component. The company's required rate of return is 8.00%.

a. What is the Net Present Value (NPV) of this investment option?

Round to the nearest cent

b. Is the investment option feasible?

Yes

or

No