Newmarket Corporation would like to purchase new equipment at a cost of $830,000 (CCA rate 30%) that has a useful life of 5 years with no salvage value. [Half-Year Rule applies]. Newmarkets tax rate is 37%. The new equipment will result in pre-tax savings of $455,000 per year over each of the 5 years. Newmarket expects a minimum return on investment of 12%. Based in this information, should Newmarket buy the equipment? Select one:

a. Yes, because the NPV is $199,443

b. No, because the NPV is negative $404,983

c. Yes, because the NPV is $378,543

d. Yes, because the NPV is $410,915

e. No, because the NPV is negative $347,468