Miles, Inc. is considering the purchase of a new machine for $600,000 that has an estimated useful life of 5 years and no salvage value. The machine will generate net annual cash flows of $105,000. It is believed that the new machine will reduce downtime because of its reliability. Assume the discount rate is 8%. In order to make the project acceptable, the reduction in downtime must be worth

Year	Present Value of 1 at 8%	PV of an Annuity of 1 at 8%
1	.926	.926
2	.857	1.783
3	.794	2.577
4	.735	3.312
5	.681	3.993

I know the answer is 45,263, but I'm confused how someone got the answer.. Can you please explain with words and work how you did this. A simple table of the work won't tell me how to do it.