Spiro Hospital is investigating the possibility of investing in new dialysis equipment. Two local manufacturers of this equipment are being considered as sources of the equipment. After-tax cash inflows for the two competing projects are as follows: Year Puro Equipment Briggs Equipment $320,000 1 $120,000 280,000 120,000 2 240,000 320,000 4 160,000 400,000 5 120,000 440,000 Both projects require an initial investment of $560,000. In both cases, assume that the equipment has a life of 5 years with no salvage value. Required: Round present value calculations and your final answers the nearest dollar. 1. Assuming a discount rate of 16%, compute the net present value of each piece of equipment. 223,206 X Puro equipment: 268,044 X Briggs equipment