The management of Niagara National Bank is considering an investment in automatic teller machines. The machines would cost $134,400 and have a useful life of seven years. The banks controller has estimated that the automatic teller machines will save the bank $28,000 after taxes during each year of their life (including the depreciation tax shield). The machines will have no salvage value. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.)

Compute the net present value of the proposed investment assuming an after-tax hurdle rate of (a) 10 percent, (b) 12 percent, and (c) 14 percent. (Do not round intermediate calculations. Negative amounts should be indicated by a minus sign.)