Pilot Plus Pens would like to decide whether it should replace its old machine today of after 5 years. The machines current salvage value is $2.2 million. Its current book value is $1.4 million. If not sold, the old machine will require maintenance costs of $845,000 at the end of the year for next five years. Depreciation on the old machine is $280,000 per year. At the end of 5 years, it will have a salvage value of $120,000 and a book value of $0. A replacement machine costs $4.3 million now and requires maintenance costs of $330,000 at the end of year during its economic life of 5 years. At the end of five years, the new machine will have a salvage value of 800,000. It will be fully depreciated by the straight-line method. After five years a replacement machine will cost $3,200,000. The corporate tax is 40 percent and the appropriate discount rate is 8 percent. The company is assumed to earn enough revenues to generate tax shields from depreciation. Should Pilot plus Pens replace the old machine now or at the end of 5 years?