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Your firm is considering purchasing a new machine. The machine costs $2,025,000. The machine could be operated for 5 years at which time it could be sold for $485,000. The new machine will not generate any additional revenues for the company. However the new machine would reduce (decrease) annual operating costs by $260,000 per year. The project's required rate of return is 7.6%. The tax rate is 42.0%. The CCA rate is 18% What is the present value of the operating cash flow in the list approach? Your answer should be correct to two decimal places