The management of Penfold Corporation is considering the purchase of a machine that would cost $$270,000,$ would last for $5$ years, and would have no salvage value. The machine would reduce labor and other costs by $$60,000$ per year. The company requires a minimum pretax return of $12\%$ on all investment projects.

Click here to view Exhibit $12$B$-1$ and Exhibit $12$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables provided.

The net present value of the proposed project is closest to $($Ignore income taxes.$)$: $($Round your intermediate calculations and final answer to the nearest whole dollar amount.$)$

Multiple Choice

$$(53,700)$

$$(11,700)$

$$(29,886)$

$$(77,514)$