You are a financial manager for the Shah Corporation. The firm is planning to replace a new equipment which will cost $875,000. The equipment is expected to last for five years with no salvage value. The equipment's CCA rate is 30% and it will save $120,000 per year before taxes. The required rate of return is 6% and the corporate tax rate is 35%. Based on the given information, please calculate PVCCATS of the purchase of new equipment. Detailed calculations must be provided to receive full marks. (4 Points)