Sheffield Inc. wants to replace its current equipment with new high$-$tech equipment. The existing equipment was purchased $5$ years ago at a cost of $$129,000.$ At that time, the equipment had an expected life of $10$ years, with no expected salvage value. The equipment is being depreciated on a straight$-$line basis. Currently, the market value of the old equipment is $$43,800.$The new equipment can be bought for $$176,540,$ including installation. Over its $10-$year life, it will reduce operating expenses from $$192,300$ to $$147,200$ for the first six years, and from $$200,400$ to $$190,200$ for the last four years. Net working capital requirements will also increase by $$20,600$ at the time of replacement.It is estimated that the company can sell the new equipment for $$24,600$ at the end of its life. Since the new equipment's cash flows are relatively certain, the project's cost of capital is set at $9\%,$ compared with $15\%$ for an average$-$risk project. The firm's maximum acceptable payback period is $5$ years.Click here to view the factor table. Calculate projecf net present value