Oriole Inc, manufactures snowsuits, Oriole is considering purchasing a new sewing machine at a cost of $2.45 million, Its existing machine was purchased 5 years ago at a price of $1.8 million; six months ago, Oriole spent $55,000 to keep it operational. The existing sewing machine can be sold today for $211,855. The new sewing machine would require a one-time, $85,000 training cost Operating costs would decrease by the following amounts for years 1 to 7 : The new sewing machine would be depreclated according to the declining balance method at a rate of 20%. The salvage value is expected to be $379,400. This new equilpment would require maintenance costs of $94,200 at the end of the fifth year The cost of capital is 9% Click here to view the factor table. Use the net present value method to determine the following -ff net aresent value is negotive then enter with nejothe sign preceding the number eg. 45 or parentheses es. (45. Round present value answer to 0 decimal places, es. 125 . For calculation purposes, use $ decimol ploces as disployed in the factor toble provided) Calculate the net present value. The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $379,400. This new equipment would require maintenance costs of $94,200 at the end of the fifth year. The cost of capital is 9% Click here to view the factor table. Use the net present value method to determine the following: (If net present volue is negative then enter with negotive slgn preceding the number eg. 45 or parentheseses. (45). Round present value onswer to 0 decimal ploces, eg. 125. For calculation pumposes, use 5 declmal places as displayed in the foctor table provided.) Calculate the net present value. Net present value Determine whether Oriole should purchase the new machine to replace the existing machine