Manning Corporation is considering a new project requiring a $110, 000 investment in test equipment with no salvage value. The project would produce $72, 500 of pretax income before depreciation at the end of each of the next six years. The company's income tax rate is 36%. In compiling its tax return and computing its income tax payments, the company can choose between the two alternative depreciation schedules shown in the table. (FV of $1, PV of $1, FVA of $1 and PVA of $1) (Use MACRS) (Use appropriate factor(s) from the tables provided.) Compute the net present value of the investment if straight-line depreciation is used. Use 8% as the discount rate