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 $243,956. 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 $391,000 2 399,900 3 410,300 4 425,600 5 432.100 6 435,200 7 437.300 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 $379,400. This new equipment would require maintenance costs of $98,600 at the end of the fifth year. The cost of capitalis 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 08. -45 or parentheses 08 (45). Round present value answer to 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 $ Determine whether Hillsong should purchase the new machine to replace the existing machine