Assume your company is considering purchasing equipment that will improve your manufacturing process. The equipment will cost $1,000,000 today, require one-time major maintenance of $75,000 three years from now, and will be sold at the end of the fifth year for $110,000. The equipment will reduce your manufacturing expenses by $165,000 each year for the next five years. The discount rate you use should use is 8% Using the net present value method, determine if you will purchase the equipment. Show your computations in the same format as used in class.