Example 7-15 . A new machinery costs $180,000. . It reduces annual operating expenses by $36,000 for 10 years. . Its market value at EOY 10 is $30,000. . Effective tax rate is 38% . The machinery belongs to 5-year MACRS (GDS) property class. . After-tax MARR of the firm is 10%. > What is the before/after tax PW and IRR