Burns Manufacturing is investigating the purchase of new equipment that would save $300,000 each year in materials and labor costs. This equipment costs $1,500,000 and is expected to have a 6 -year useful life with no salvage value. The company's required rate of return is 8% on all equipment purchases. This equipment would provide intangible benefits such as greater flexibility and higher-quality output that are difficult to estimate and yet are quite significant. Required: (Ignore income taxes.) What is the net present value of the piece of equipment before considering its intangible benefits? What minimum dollar value per year must be provided by the equipment's intangible benefits to justify the $1,500,000 investment