Willis Inc. has a cost of capital (discount rate) of 15% and is considering the acquisition of a new machine which costs $400,000, has a useful life of five years, and a zero estimated final salvage value. Willis projects that earnings and cash flow will be as follows: Year WN - Net Earnings $100,000 100,000 100,000 100,000 200,000 After-Tax Cash Flow $160,000 140,000 100,000 100,000 100,000 Period 0.87 NOTO 15% Interest Rate Factors Present Value Present Value of of $1 an Annuity of $1 0.87 0.76 1.63 0.66 2.29 0.57 2.86 0.50 3.36 The net present value (NPV) of this investment is (ignore tax effects of depreciation)