Exercise 24-3 Your answer is partially correct. Try again. Hillsong Inc. manufactures snowsuits. Hillsong is considering purchasing a new sewing machine at a cost of $2.45 million. Its existing machine was purchased five years ago at a price of $1.8 million; six months ago, Hillsong spent years 1 to 7: $55,000 to keep it operational. The existing sewing machine can be sold today for 241,835 The new sewing machine would require a one-time, $85,000 training cost Operating costs ould decrease by the following amounts for Year 1 $389,500 2 399,400 3 411,000 4425,400 5 433,700 6 435,300 7437,300 The new sewing machine would be depreciated according to the declining balance method at a rate of 20%-The salvage value is expected to be $379,500. This new equipment would require maintenance costs of $94,500 at the end of thg fifth year. The cost of capital is 996. Use the net present value method to determine the following: (If net present value is negative then enter with negative sign preceding the number e.g.-45 or parentheses e.g. (45). Round present value answer to o decimal places,e.g. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value 54,898 Determine whether Hillsong should purchase the new machine to replace the existing machine? No Click if you would like to Show Work for this