Vaughn Cleaners is considering replacing one of its tired cleaning machines for a new model that can dry$-$clean clothes in half the time

of the old machine. Both the book value and the salvage value of the current machine are $$2,620$; the current machine would be sold if

the new machine is purchased. The new machine would cost $$21,100$ and is expected to last $15$ years, at which point it would be sold

for its salvage value of $$2,110.$ It would generate additional net operating cash flows of $$4,630$ each year of its useful life. Vaughn

Cleaners estimates its tax rate to be $25\%,$ while its required rate of return is $8\%.$