Your company offers train tours around the suburbs of Victoria. The company currently owns six ExpressT3 trains that it is considering replacing with three SuperRailX trains. You have been given the following estimates of costs etc. for each train model: Estimates SuperRailx Cost Estimates 570000 $ ExpressT3 Estimated remaining life Estimated scrap value: 5 years Now $ 53600 years Estimated life: 10 Estimated scrap value: 228000 In 5 years' time $ In 10 years' time $114000 +228000 Annual net cash flows $ In 5 years' time $ 11200 Annual net cash flows $100000 Your company has also been informed of the progress of a new innovation - TechnoRail, which is expected to be available in 5 years. The following estimates of costs etc. per TechnoRail have been provided: Estimates $698000 15 years TechnoRail Cost Estimated life Estimated disposal value: After 5 years' operation After 15 years' operation Annual net cash flows $228000 $ 64000 $292000 It is considered that two of the new TechnoRail will be adequate to carry the estimated number of passengers. Other information is as follows: . Your company cannot foresee any further developments beyond the Techno Rail. The annual net cash flows are received at the end of each year. The company's required rate of return is 8 per cent per annum. Ignore taxes. What is the NPV if the firm retains the ExpressT3 for 5 years, and then replaces them with TechnoRail. TechnoRail is replaced by TechnoRail always at the end of its useful life. Net present value