A large food-processing corporation in considering using laser technology to speed up and eliminate waste in the potato-peeling process. To implement the system, the company anticipates needing $3 million to purchase the industrial strength labor and materials. However, it will incur an additional operating and maintenance cost of $250,000 per year. Annual income taxes will also increase by $150,000. The system is expected to have a 10-year service life and salvage value of about $200,000. If the company's MARR is 18%, justify the economics of the project using the PW method