Exercise 25-03 Hillsong Inc. manufactures snowsuits. Hillsong is considering purchasing a new sewing machine at a cost of 52.15 million. Its existing machine was purchased five years ago at a price of $1.8 million; six months ago, Hillsong spent $55,000 to keep it operational. The existing sewing machine can be sold today for $245,788. The new sewing machine would require a one-time, $85,000 training cost. Operating costs would decrease by the following amounts for year's 1 to 7: Year 1 $389,300 2 399,000 410,000 425,500 432,400 6 434,500 438,000 4 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 $379,400. This new equipment would require maintenance costs of $98,800 at the end of the fifth year. The cost of capital is 9. Click here to ven the factor table. 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 decinal places as displayed in the factor table provided.) Calculate the not present valuc. Nel present value $ Determine whether Hillsong should purchase the new machine to replace the existing machine