Mikey's Machine Shop is considering a three$-$year machine press project to improve its production efficiency. Six months ago, it contracted with Joe Wrong to provide a thorough study of whether there would be a need for this three$-$year efficiency project. The report was delivered one month ago and its cost was $$50,000.$ The report suggested that the company should go ahead with the project subject to Mikey$$s more detailed financial analysis. Buying a new machine press for $$600,000$ will result in $$180,000$ in annual pretax cost savings. The machine falls in the MACRS five$-$year class and it will have a salvage value at the end of the project of $$60,000.$ At time $0,$ the press will also require an additional investment in inventory of $$10,000$ and accounts payable will also increase by $$3000,$ every other current accounts remain the same. Except for this one time increase of $$10000$ and $$3000,$ the inventory and accounts payable levels will not change during the life of the project. If the company$$s tax rate is $20\%$ and its costing of funding is $12\%,$ should the company accept the project?