Net Present ValueCarsen Sorensen, controller of Thayn Company, just received the following data associated with production of a new product: Expected annual revenues: $$750,000$ Projected product life cycle: five years Equipment: $$800,000$ with a salvage value of $$100,000$ after five years Expected increase in working capital: $$100,000($recoverable at the end of five years$)$ Annual cash operating expenses: estimated at $$450,000$ Required rate of return: $8$ percentThe present value tables provided in Exhibit $198\mathrm{.}1$ and Exhibit $19$B$\mathrm{.}2$ must be used to solve the following problems.