Alpha Beta Company, Inc., a manufacturer of toys, is considering replacing an existing piece of equipment with a more sophisticated machine. The firm pays $40$ percent taxes on ordinary income and capital gains. Given the following information, calculate the initial investment required for the new asset. Existing MachineCost $=21510$Purchased $2$ years agoDepreciation using the straight$-$line method $(20\%$ depreciation each year$)$Useful life $=5$ yearsCurrent market value $=34199$Annual cash flows $=$ $$10,000$ Proposed$/$new MachineCost $=74166$Installation $=19997$Depreciation using the straight$-$line method $(20\%$ depreciation each year$)$Useful life $=5$ yearsAnnual cash flows $=$ $$20,000$