Massey Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $730,000 is estimated to result in $220,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $89,000. The press also requires an initial investment in spare parts inventory of $26,000, which will be released at the end of the project. The shop's tax rate is 40 percent and its cost of capital is 9 percent. a. What is the operating cash inflows at t=1? b. What is the total cash inflows (operating cash flows plus terminal cash flows) at t=4 c. Compute the NPV of the project. d. Compute the IRR of the project. e. Compute the payback period of the project