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PXHI 7B-1 Present Value of $1:(1+)1 Joanette, Incorporated, is considering the purchase of a machine that would cost $500,000 and would last for 5 years, at the end of which, the machine would have a selvage value of $60,000. The machine would reduce labor and other costs by $120,000 per year. Additional working capital of $6,000 would be needed immediately, all of which would be recovered at the end of 5 years. The company requires a minimum pretax return of 17% on all investment projects. (lgnore income taxes.) Click here to view and Exhibit 782, to determine the appropriate discount factor(s) using the tables provided: Required: Determine the net present value of the project Note: Negative amount should be indicated by a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount. Present Valec of an Annuity of $1 in Arrears; r1[1+(1+r)1]