Your company offers train tours around the suburbs of Victoria. The company currently owns six ExpressT3 series 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 Estimates 5 Cost $502500 ExpressT3 Estimated remaining life Estimated scrap value: years years Estimated life: 10 Now $ 50500 Estimated scrap value: 201000 In 5 years' time $ 10100 In 5 years' time $ 100500 In 10 years' time $ Annual net cash flows $101000 201000 Annual net cash flows $ 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 $603500 15 years TechnoRail Cost Estimated life Estimated disposal value: After 5 years' operation After 15 years operation Annual net cash flows $ 201000 $ 50500 $ 251500 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 TechnoRail. The annual net cash flows are received at the end of each year. The company's required rate of return is 10 per cent per annum. Ignore taxes. What is the NPV if the firm replaces the ExpressT3 with SuperRailX now, and replaces the latter with TechnoRail in 10 years' time. Techno Rail is replaced by Techno Rail always at the end of its useful life. Net present value $