The management of Niagara National Bank is considering an investment in

automatic teller machines. The machines would cost $$163,300$ and have a

useful life of seven years. The bank's controller has estimated that the

automatic teller machines will save the bank $$35,500$ 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.$)$