Mangrove Corp is considering the purchase of a new piece of equipment. Cost savings from the equipment would increase cash flows $100,000 per year for the 5 year life of the equipment. The equipment will have an initial cost of $350,000. Salvage value of the equipment is estimated to be $75,000 at the end of its 5 year life. If the discount rate is 10%, what is the approximate net present value? O $75,648 O $263,390 $225,000 O ($241,342)