The Ministry of Education plans to buy hardware for $10,000,000; half of this total is due on delivery, with the balance due exactly one year later. By the end of the year, cash inflows are expected to be $350,000 per annum for four years. After exactly four years, the hardware will be sold for $750,000. If the Ministry of Education has to borrow at 15% per annum, analyse whether it is a worthwhile purchase?

Use the following discount table and show all 'necessary steps.

\begin{tabular}{|c|r|r|r|r|r|} \hline & & \multicolumn{5}{|c|}{ Dis Count } & & & & \\ \hline Period & 10% & 12% & 14% & 15% & 16% \\ \hline 1 & 0.909 & 0.896 & 0.877 & 0.870 & 0.862 \\ \hline 2 & 0.826 & 0.797 & 0.769 & 0.756 & 0.743 \\ \hline 3 & 0.751 & 0.712 & 0.675 & 0.658 & 0.641 \\ \hline 4 & 0.683 & 0.636 & 0.592 & 0.572 & 0.562 \\ \hline 5 & 0.621 & 0.567 & 0.519 & 0.497 & 0.476 \\ \hline 6 & 0.564 & 0.507 & 0.456 & 0.432 & 0.410 \\ \hline 7 & 0.513 & 0.452 & 0.400 & 0.376 & 0.354 \\ \hline 8 & 0.467 & 0.404 & 0.351 & 0.327 & 0.305 \\ \hline 9 & 0.424 & 0.361 & 0.308 & 0.284 & 0.263 \\ \hline 10 & 0.386 & 0.322 & 0.270 & 0.247 & 0.227 \\ \hline \end{tabular}