Manning Corporation is considering a new project requiring a $90,000 investment in test equipment with no salvage value. The project would produce $69,000 of pretax income before depreciation at the end of each of the next six years. The company's income tax rate is 40%. 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. (PV of $1. FV of $1. PVA of $1, and FVA of $1) (Use MACRS) (Use appropriate factor(s) from the tables provided.) Straight-Line MACRS Depreciation Depreciation $ 9,000 $18,000 18,000 28,800 18,000 17,280 18,000 10,368 18,000 10,368 9,000 5,184 $90,000 $90,000 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Totals 3. Compute the net present value of the investment if straight-line depreciation is used. Use 6% as the discount rate. Chart Values are Based on: Year Net Cash Inflow X PV Factor Present Value 1 2 3 4 5 6 Net present value