Attempts $1$ Keep the Highest $1/24.$ Exercise $17\mathrm{.}4$ Alliance Manufacturing Company is considering the purchase of a new automated drill press to replace an older one. The machine now in operation has a book value of zero and a salvage value of zero. However, it is in good working condition with an expected life of $10$ additional years. The new drill press is more efficient than the existing one and, if installed, will provide an estimated cost savings $($in labor, materials, and maintenance$)$ of $\backslash (\backslash$$ $12,000\backslash )$ per year. The new machine costs $\backslash (\backslash$$ $50,000\backslash )$ delivered and installed. It has an estimated useful life of $10$ years and a salvage value of $\backslash (\backslash$$ $2,000\backslash )$ at the end of this period. The firm's cost of capital is $14$ percent, and its marginal income tax rate is $40$ percent. The firm uses the straight$-$line depreciation method. Complete the following table to compute the net present value $($NPV$)$ of the investment. $($Hint: Remember that, in Year $10,$ Alliances also receives the salvage value of the machine.$)$ Cash Flow Present Value $($PV$)$ Should Alliance replace its existing drill press? Yes No