Novak, Inc. is considering the purchase of a new machine for $690000 that has an estimated useful life of 5 years and no salvage value. The machine will generate net annual cash flows of $120750. It is believed that the new machine will reduce downtime because of its reliability. Assume the discount rate is 8%. In order to make the project acceptable, the reduction in downtime must be worth Present Value PV of an Annuity of 1 at 8% Year of 1 at 8% 1 0.926 0.926 2 0.857 1.783 3 0.794 2.577 4 0.735 3.312 5 0.681 3.993 O $41569 per year. O $21097 per year. O $51716 per year. O $26294 per year.