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 $$104,000.$ The equipment will have an initial cost of $$406,000,$ a $5-$year useful life, and an estimated salvage value of $$78,000.$ If the company's cost of capital is $11\%,$ what is the approximate net present value? $($Future Value of $$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

$$ $$(21,626)$

$$ $$182,000$

$$

$$24,667$

$$ $$104,00$