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24. The Taste Bottling Company is contemplating the replacement of one of its bottling machines with a newer and more efficient one. The old machine has a book value of Rs.600,000 and a remaining useful life of 5 years. The firm does not expect to realize any return from scrapping the old machine in 5 years, but it can sell it now to another firm in the industry for Rs.265,000. The old machine is being depreciated by Rs.120,000 per year using the straight-line method. The new machine has a purchase price of Rs.1,175,000, an estimated useful life and MACRS class life of 5 years, and an estimated salvage value of Rs.145,000. The applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. The machine is expected to economize on electric power usage, labor, and repair costs as well as to reduce the number of defective bottles. In total, an annual savings of Rs.255,000 will be realized if the new machine is installed. The company's marginal tax rate is 35%, and it has a 12% WACC. Should the firm purchase the new machine? Support your