Clean Duds Laundromat has an Industrial water softener that enhances the water quality used in its washing machines. The water softener is approaching the end of its useful life and must be either overhauled or replaced. Details of the two alternatives are shown below. If the company overhauls its current water softener, then it will be usable for eight more years. If, Instead, a new water softener is purchased, It will be used for eight years, after which It will be replaced. The new water softener will be considerably more energy efficient, resulting in a substantial reduction In annual operating costs, as shown below: Current New Water Water Softener Softener Purchase cost new $ 8, 080 $10, 608 Remaining book value $ 4,580 Overhaul needed now $ 4,080 Annual cash operating costs $ 6,080 $ 4,508 Salvage value now $ 2,080 Salvage value eight years from now $ 1, 080 $ 3,080 Clean Duds computes depreciation on a straight-line basis. All equipment purchases are evaluated using a 12% discount rate.2. Using the Incremental-cost approach, determine the net present value In favor of (or against) purchasing the new water softener? (Hint. Use Microsoft Excel to calculate the discount factor(s).) (Do not round Intermediate calculations and round final answer to the nearest dollar amount.) X Answer is complete but not entirely correct. Net present value 5 3,260 X