Nona Sports is considering the purchase of new production equipment.The equipment will cost $135,000.It has an expected useful of life of 5 years, but will require refurbishing at the end of 3 years.The refurbishment will cost $5,000.The estimated salvage value at the end of the useful life is $10,000.The increased annual net income from the equipment is projected to be $40,000.Using a hurdle rate of 12%, calculate the NPV for the equipment.