Late at a company is considering replacing one of its original metal presses. The current market value for the original metal press is $23000. A new metal press costs $76000. The current life span of a press is three years.

- Both the new and the old presses will generate annual net sales of $150000 and incur annual electricity costs of $10000. However, the new press would reduce maintenance costs by $17000 per year and reduce labor costs by $17000 per year over the life of the press. These are all year-end cash flows.

- The new press has a larger footprint and more clear space is required. To create this extra space, the firm will need to relocate inventory to another building adjacent to the operations building. This extra building, currently recorded as asset on the company's balance sheet, would have otherwise been sold for $21000 if the replacement is not taking place. Assume the CCA rate for the building is zero. The company expects that the new press can be sold for $18000 at the end of the third year.

- The original metal press was purchased four years ago for $70,000. Three years from now, the original metal press will have a resale value of $3000.

- Replacement of the original press requires that the firm invests $26000 in working capital if the new press is purchased and 25% of this working capital can be recovered at the end of the project life.

- Both the metal presses have a CCA rate of 30%. The company has a tax rate is 27% and its cost of capital is 11.4%

What is the NPV?

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