Problem 10-34 Cost-Cutting Proposals (L05) Caradoc Machine Shop is considering a four-year project to improve its production efficiency, Buying a new machine press for $415,000 is estimated to result in $155.000 in annual pre-tax cost savings. The press falls into Class 8 for CCA purposes (CCA rate of 20% per year)and it will have a salvage value at the end of the project of $55,500. The press also requires an initial investment in spare parts inventory of $25,000, along with an additional $3,600 in inventory for each succeeding year of the project. If the shop's tox rate is 35% and its discount rate is 9% Calculate the NPV of this project. (Do not round your intermediate calculations. Round the final answer to 2 decimal places. Omits sign in your response.) NPV $ Should the company buy and Install the machine press? Yes No