The Summit Petroleum Corporation will purchase an asset that qualifies for three-year MACRS depreciation. The cost is $160,000 and the asset will provide the following stream of earnings before depreciation and taxes for the next four years: Use Table 12-12. Year 1 $ 70,000 Year 2 85,000 Year 3 42,000 Year 4 40,000 The firm is in a 35 percent tax bracket and has an 8 percent cost of capital. Use Appendix B for an approximate answer but calculate your final answer using the formula and financial calculator methods. a. Calculate the net present value