(Use the following information to answer the next five questions.) Massey Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $730,000 is estimated to result in $245,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $95,000. The press also requires an initial investment in spare parts inventory of $30,000, which will be released at the end of the project. The shop's tax rate is 35 percent and its cost of capital is 8 percent. 21. What is the operating cash inflows at t=1 ? 22. What is the total cash inflows (operating cash flows plus terminal cash flows) at t=4 ? 23. Compute the NPV of the project. 24. Compute the IRR of the project. 25. Compute the payback period of the project. (Use the following information to answer the next five questions.) Massey Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $730,000 is estimated to result in $245,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $95,000. The press also requires an initial investment in spare parts inventory of $30,000, which will be released at the end of the project. The shop's tax rate is 35 percent and its cost of capital is 8 percent. 21. What is the operating cash inflows at t=1 ? 22. What is the total cash inflows (operating cash flows plus terminal cash flows) at t=4 ? 23. Compute the NPV of the project. 24. Compute the IRR of the project. 25. Compute the payback period of the project