Mini-Exercise 16.6 (Algo) Net present value LO 16-7 Lakeside incorporated is considering replacing oid production equipment with state-of the-art technology that will allow production cost savings of $7,500 per month. The new equipment will have a five-year life and cost $337.500, with an estimated salvage value of $30,000 Lakeside's cost of capital is 8%. Table 6.4 and Table 6.5 . Required: Colculate the net present volue of the new production equipment Note: Use oppropriate foctor(s) from the tables provided. Round the PV factors to 4 decimals. Round your final onswer to nearest whole dollors. able 6-4: Factors for Calculating the Present Value of $1 Table 6-5: Factors for Calculating the Present Value of an Annuity of $1