Problem 8-6 Calculating the Present Value of a Consumer Purchase [LO8-2]

What would be the net present value of a microwave oven that costs $246 and will save you $70 a year in time and food away from home? Assume an average return on your savings of 8 percent for five years. (Exhibit 1-A, Exhibit 1-B,Exhibit 1-C, Exhibit 1-D)

Note: Use appropriate factor(s) from the tables provided. Round time value factor to 3 decimal places and answer to 2 decimal places.