XYZ Company$$s welding machine is $12$ years old, fully depreciated, and has no salvage value. However, even though it is old, it still is functional as originally designed and can be used for quite a while longer. A new welder will cost $$200,000$ and have an estimated life of $8$ years with no salvage value. The new welder will be more efficient, however, and this enhanced efficiency will increase earnings before depreciation from $$30,000$ to $$60,000$ per year. The new machine will be depreciated over its $5-$year MACRS recovery period, so the applicable depreciation rates are $20\%,32\%,19\mathrm{.}20\%,11\mathrm{.}52\%,11\mathrm{.}52\%,$ and $5\mathrm{.}76\%.$ The applicable corporate tax rate is $25\%,$ and the project cost of capital is $12\%.$ What is the net present value if the firm replaces the old welder with the new one?