The Summit Petroleum Corporation will purchase an asset that qualifies for three$-$year MACRS depreciation. The cost is $$240,000$ and

the asset will provide the following stream of earnings before depreciation and taxes for the next four years: Use Table $12-12.$

The firm is in a $30$ percent tax bracket and has a cost of capital of $5$ percent. 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.

Note: Negative amount should be indicated by a minus sign. Do not round intermediate calculations and round your answer to

$2$ decimal places.

Net present value