Ivanhoe inc manufactures snowsuits. Ivanhoe is considering purchasing a new sewing machine at a cost of $2.45 million. Its existing machine was purchased 5 years ago at a price of $1.8 million: six months ago. Ivanhoe spent $55.000 to keep it operational. The existing sewing machine can be sold today for $241,535. The newsewing machine would require a one-time, $85.000 training cost. Operating costs would decrease by the following amounts for years 1 to 7 ; 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 $379,000. This new equipment would require maintenance costs of $95,500 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 e.8. -45 or parentheses e.s. (45). Round present value answer to 0 decimal places, eg. 125. For 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 $379,000. This new equipment would require maintenance costs of $95,500 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: (II 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 0 decimal places, .g. 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 Ivanhoe should purchase the new machine to replace the existing machine