Cowboy Recording Studio is considering the investment of $$140,000$ in a new recording equipment. It is estimated that the new equipment will generate additional cash flow of $$21,000$ per year for each year of its $12-$year life and will have a salvage value of $$15,000$ at the end of its life. Cowboy$$s financial managers estimate that the firm$$s cost of capital is $12\%.$ Use Table $6-4$ and Table $6-5.$

Note: Use appropriate factor$($s$)$ from the tables provided. Round the PV factors to $4$ decimals.

Required:

Calculate the net present value of the investment.