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 $5,000 per month. The new equipment will have a five-year life and cost $225,000, with an estimoted salvige valien of $30.000. Lakeside's cost of capital is 10\%. Table 64 and Jable 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 decimai ploces