Metro Industries is considering the purchase of new equipment costing $$1,500,000$ to replace existing equipment that will be sold for $$150,000.$ The new equipment is expected to have a $$220,000$ salvage value at the end of its $5-$year life. During the period of its use, the equipment will allow the company to produce and sell an additional $20,000$ units annually at a sales price of $$40$ per unit. Those units will have a variable cost of $$22$ per unit. The company will also incur an additional $$80,000$ in annual fixed costs.

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$($a$)$ Calculate the net present value of the proposed equipment purchase. Assume that Metro uses a $10\%$ discount rate. $($For calculation purposes, use $4$ decimal places as displayed in the factor table provided and round final answer to $0$ decimal place, e$.$g$.58,971.$ Enter negative amount using a negative sign preceding the number e$.$g$.-59,992$ or parentheses e$.$g$.(59,992).)$

Net present value $