Oregon Forest Products will acquire new equipment that falls under the five-year MACRS category. The cost is $280,000. If the equipment is purchased, the following earnings before depreciation and taxes will be generated for the next six years. UseTable 12-12. UseAppendix Bfor an approximate answer but calculate your final answer using the formula and financial calculator methods.

Year 1: $81,000

Year 2:$106,000

Year 3: $75,000

Year 4:$48,000

Year 5: $39,000

Year 6:$27,000

The firm is in a 35 percent tax bracket and has a 11 percent cost of capital.

What is the net present value?