Beacon Company is considering automating its production facility. The initial investment in automation would be $$6\mathrm{.}46$ million, and the equipment has a useful life of $5$ years with a residual value of $$1,060,000.$ The company will use straight$-$line depreciation. Beacon could expect a production increase of $43,000$ units per year and a reduction of $20$ percent in the labor cost per unit.