Cool$-$Fire Company makes cookware. The company is expanding, and a new stamping machine is under consideration. The machine being considered can make parts that currently are being purchased from an outside supplier. The machine's cost is $$750,000$; its estimated useful life is nine $(9)$ years and salvage value $$30,000.$ Gross annual cash inflow from the new machine is estimated at $$360,000,$ and annual operating expenses should be $$325,000($including $$80,000$ of depreciation expense annually$).$ Management requires the payback period to be seven years or less.

Using the information given and the payback period analysis procedures,

$($i$)$ Show the calculations needed to make the decision below.

$($ii$)$ What should management's decision be$?$