! Required information [The following information applies to the questions displayed below.] Project Y requires a $318,000 investment for new machinery with a four-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Project Y $ 355,000 Annual Amounts Sales of new product Expenses Materials, labor, and overhead (except depreciation) Depreciation-Machinery Selling, general, and administrative expenses Income 159,040 79,500 25,000 $ 91,460 4. Determine Project Y's net present value using 7% as the discount rate. (Do not round intermediate calculations. Round your present value factor to 4 decimals and final answers to the nearest whole dollar.) Net Cash Flows x Present Value of Annuity at 7% Present Value of Net Cash Flows Years 1-6 $ 170,960 x $ 0 Initial investment 318,000 Net present value