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Exercise 25-03 Your answer is partially correct. Try again. Hillsong Inc. manufactures snowsuits. Hillsong is considering purchasing a new sewing machine at a cost of $2.45 million. Its existing machine was purchased five years ago at a price of $1.8 million; six months ago, Hillsong spent $55,000 to keep it operational. The existing sewing machine can be sold today for $242,828. The new sewing machine would require a one-time, $85,000 training cost. Operating costs would decrease by the following amounts for years 1 to 7: Year 1 2 3 4 $389,400 399,000 410,800 425,200 433,400 434,500 437,600 5 6 7 The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $379,600. This new equipment would require maintenance costs of $95,600 at the end of the fifth year. The cost of capital is 9%. Click here to view the factor table. Use the net present value method to determine the following: (If net present value is negative then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round present value answer to 0 decimal places, e.g. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value -370662 Determine whether Hillsong should purchase the new machine to replace the existing machine? No initial costs sale price training costs Maintainance 2,450,000 242,828 -85,000 62,133 2,669,961 95,600 0.64993 Year w NP 4 $389,400 399,000 410,800 425,200 433,400 434,500 437,600 379,600 5 0.91743 $357,247.24 0.84168 335830.32 0.77218 317211.544 0.70843 301224.436 0.64993 281679.662 0.59627 259079.315 0.54703 239380.328 0.54703 $207,653 $2,299,305 6 7 Salvage