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 $55,000 to keep it operational. The existing sewing machine can be sold today for $243,773. 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 $389,600 400,100 410,700 426,000 433,400 434,700 7 436,900 2 3 4 5 6 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 $379,700. This new equipment would require maintenance costs of $99.500 at the end of the fifth year. The cost of capital is 9% Click here to view PV 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 es. -45 or parentheses es: (45). Round present value answer to O decimal places, eg. 125. For calculation purposes, use S decimal places as displayed in the factor table provided) Calculate the net present value. Net present value Determine whether Hillsong should purchase the new machine to replace the existing machine