ABC company is considering the purchase of new equipment. The equipment cost $460,000. The equipment will be depreciated straight line to zero over a 5-year period. The equipment will generate additional revenues of $265,000, and will have annual operating expenses of $83,000. The equipment will be sold for $95,000 after 5 years. An working capital investment of $73,000 is required during the life of investment. ABC is in 40 percent tax bracket and its cost of capital is 10%.

What is the project NPV & Payback Period?

(Please show calculations)