Problem $8-6$ Calculating the Present Value of a Consumer Purchase $[$LO$8-2]$

What would be the net present value of a microwave oven that costs $$216$ and will save you $$70$ a year in time and food away from

home? Assume an average return on your savings of $7$ percent for five years. $($Exhibit $1-$A$,$ Exhibit $1-$B$,$ Exhibit $1-$C$,$ Exhibit $1-$D$)$

Note: Use appropriate factor$($s$)$ from the tables provided. Round time value factor to $3$ decimal places and answer to $2$ decimal

places.