Sheffield Inc manufactures snowsuits. Sheffield is considering purchasing a new sewing machine at a cost of $2,45 million. Its existing machine was purchased five years ago at a price of $1.8 million; six months ago, Sheffield spent $55,000 to keep it operational The existing sewing machine can be sold today for $240,164. The new sewing machine would require a one-time, $85,000 training cost. Operating costs would decrease by the following amounts for years 1 to 7 Year 1 2 3 4 OS $390,800 399.000 410,800 425.700 432.700 434.700 437,600 7 The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $379,900. This new equipment would require maintenance costs of $95,300 at the end of the fifth year. The cost of capital is 9% Click here to view PV table. Use the net present value method to determine the following: (If net present value is negative then enter with negative sign preceding the number eg.-45 or parentheses e.g. (45). Round present value answer to 0 decimal places, eg. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value $ Determine whether Sheffield should purchase the new machine to replace the existing machine