!! Hillsong Inc. manufactures snowsuits. Hillsong is considering purchasing a new sewing machine at a cost of $245 million. Its existing machine was purchased hve 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 $241,846. The new sewing machine would require a one-time, $85,000 training cost. Operating costs would decrease by the following amounts for years 1 to 7: Year 1 $390,600 2 399,400 3 411.000 4 425,900 5 432,000 6 434,600 7 436,400 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 $94,200 at the end of the fifth year. The cost of capital is 9% Click here to view 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 eg. -45 or parentheses eg. (45). Round present value answer to 0 decimal places, eg. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value $ -264091.94 Determine whether Hillsong should purchase the new machine to replace the existing machine? No