Edward Corp. Will pay $50,000 for the new copier which is expected to last 7 years. Annual maintenance costs will total of $1000 a year. Labor Cost Savings for back-office staff and a front desk receptionist will be $6,000 and $5,000 a year, respectively. The copier will have a residual value of $5,000 at the end of 7 years. The accountant at Edward Corp has established the Cost of Capital (Required Rate of Return for investors for the firm is 10%.

Calculate the NPV of the project and briefly discuss whether to accept or reject the project. Show your work.