Wilson Corporation is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income of $50,000. The equipment will have an initial cost of $626,000, an 8 -year useful life, and an estimated salvage value of $114,000. If the company's cost of capital is 11%, what is the approximate net present value? ( Future Value of $1, Present Value of $1. Future Value Annuity of $1, Present Value Annuity of $1 ) Note: Use the appropriate factors from the PV tables. Multiple Choice $114,000 $10,120 Less than zero $512,000