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Pharoah Inc, manufactures snowsuits. Pharoah is considering purchasing a new sewing machine at a cost of $245 million. Its existing machine was purchased 5 years ago at a price of $1.8 million; six months ago, Pharoah spent $55,000 to keep it operational. The existing sewing machine can be sold today for $240,275. 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: Year 1 $390,600 2 400.200 3 410,000 4 425,200 5 432,400 ON 435,500 7 436,300 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 $380,500. This new equipment would require maintenance costs of $94,900 at the end of the fifth year. The cost of capitalis 9% Use the net present value method to determine the following: (If net present value is negative then enter with negative sign preceding the numberes.-45 or parentheses eg. (45). Round present value answer top decimal places, eg. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value $ Determine whether Pharoah should purchase the new machine to replace the existing machine