The Summitt Petroleum Corporation will purachse an asset that qualifies for three-year MACRS deprciation. The cost is $120,000 and the asset will provide the follwin stream of earnings before deprciation and taxes for the next four years. Year 1 - $54,000 Year 2 - $66,000 Year 3 - $38,000 Year 4 - $29,000 The firm is in a 35% taxl bracket and has an 12% cost of Capital a. Calculate the net present value. b. Under the net present value method, should Summit Petroleum Corporation purache the asset? Yes or no