The Sarasota Company is planning to purchase $486,000 of equipment with an estimated 7-year life and no estimated salvage value The company has projected the following annual cash flows for the investments Year 1 Projected Cash Flows $219,000 147.000 2 3 105.000 4 51.000 5 63,700 0 49.100 7 48.200 Total 5683.000 Calculate the net present value of the proposed equipment purchase. Sarasota uses a 7% discount rate. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to decimal place, eg. 58,971.) Net present value