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Question (2):- Cost-Cutting Proposals Massey Machine Shop is considering a five-year project to improve its production efficiency. Buying a new machine press for $700,000 estimated to result in $270,000 in annual pretax cost savings. The machine press will be depreciated down to zero over its five-year economic life using the straight-line method., and it will have a salvage value at the end of the project of $70,000. The press also requires an initial investment in spare parts inventory of $20,000, as net working capita at date 0) along with an additional $3,500 in year 1 of the project, all the net working capital will be recovered at the end of the project. If the shop's tax rate is 20 percent its discount rate is 8 percent, should Massey buy and install the machine press?