Pacific Green Company is considering buying a unique bar$-$coding machine to help them track their plant inventory. They evaluated the payback period and accounting rate of return and selected the project for further evaluation. Relevant information on the machine is repeated as follows:

Acquisition cost $=$ $$48,000$

Expected salvage value $=$ $$0$

Expected annual cash inflow benefits $=$ $$13,000$ per year for $5$ years

Expected useful life $=5$ years

Required:

Compute the net present value of the project assuming a discount rate of $16\%.$ Use EXCEL to compute the internal rate of return. Advise PGC on the best course of action with respect to the investment.