Sheffield Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment: Old Equipment New Equipment Cost $80,560 Cost $38,000 Accumulated depreciation $40,300 Estimated useful life 8 years Remaining life 8 years Salvage value in 8 years $5,000 Current salvage value $10,000 Annual cash operating costs $30,300 Salvage value in 8 years $0 Annual cash operating costs $36,000 Depreciation is $10,070 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value of $5,000.Net present value assume rate of return is 15%