You are considering the purchase of a new machine for a project. Details of this potential purchase are provided below. The project life is 3 years. The machine costs $207,000. You will pay cash for half of this machine immediately, and will borrow the remaining half at 9.1% annual rate compounded annually over 3 years. The machine will be depreciated using a seven year MACRS approach. Annual O&M costs (expenses) of the machine are $25,000. Annual labor savings (revenues) are $118,000. Salvage value at the end of year 3 will be $59,000. Working capital requirement is initially $20,000. Any investment in working capital will be recovered at the end of the project Assume an income tax rate and gains tax rate of 37%. Find the NPW of this project based on a MARR of 12%