Byron Corporation is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net cash flow of $108,000. The equipment will have an initial cost of $450,000, a 5-year useful life, and an estimated salvage value of $80,000. If the company's cost of capital is 8%, what is the approximate net present value? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1 ) Note: Use the appropriate factors from the PV tables. Multiple Choice $35,660 $(18,788) $108,000 $188,000