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 555.000 to keep it operational. The existing sewing machine can be sold today for 5243.??3. The new sewing machine would require a onetime, 585,000 training cost. Operating costs would decrease by the following amounts for years 1 to In": Year13389.600 241313.100 3410300 4426,1300 5433,4139 64343130 i436300 The new sewing machine would be depreciated according to the decliningbalance method at a rate of 20%. The salvage value is expected to be SETQJUO. This new equipment would require maintenance costs of $99,500 at the end of the fifth year. The cost of capital is 9%. Use the net present value method to determine the following: {ifnet present vaiue is negative then enter with negative sign preceding the number e.g. 45 or parentheses e. g. {45). Round present lvaiue answer to a decimai places, e.g. 125. For caicuiatien purposes, use .5 decimai piaces as dispiayed in the factor tabie provided.) Calculate the net present value. Net present valueenter the net present value in dollars rounded to 0 decimal places Determine whether Hillsong should purchase the new machine to replace the existing machine? select an option Yes. No