$4.$ Consider the following data

$-$ A machine costs $$1200$ today $($year $0).$ Assume this investment is fully tax$-$deductible, as stipulated by the US corporate tax code of $2018.$

$-$This company has current pre$-$tax profits from other projects that are greater than $$1200,$ so it can take full advantage of the investment tax break above in year $0.$

$-$ The machine will generate operating profits before depreciation $($EBITDA$)$ of $$525$ per year for $4$ years. The first cash flow happens one year after the machine is put in place $($year $1).$

$-$ Depreciation is not tax$-$deductible. Notice that you do not need to calculate depreciation at all to solve this problem since it has no effect on taxes.

$-$ The tax rate is $21\%$

$-$ There is no salvage value at the end of the four years $($the machine is worthless$),$ and no required working capital investment.

Compute the NPV of the project if the discount rate is $9\%.$ Please show your work below, not just the final answer

NPV $=$