Mini-Exercise 16-7 (Algo) Net present ratio and IRR LO 16-7 Lakeside Incorporated is considering replacing old 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: Calculate the present value ratio of the new production equipment. Note: Use appropriate factor(s) from the tables provided. Round the PV factors to 4 decimals. Round your answer to 2 decimal places. Table 6-4: Factors for Calculating the Present Value of $1