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Daxter Inc. has been approached by a vendor regarding an upgrade to a key piece of equipment. The new equipment would provide operating efficiencies for both direct labour and direct materials. The new equipment would result in a total annual savings of $800,000 per year. The new piece of equipment will cost the company $3,200,000 and will be purchased at the beginning of 2021. The old equipment currently has a book value of $190,000 but Anterior estimates the fair value of the equipment to be $220,000. The new equipment has a salvage value of $225,000 after its expected useful life of 7 years. Anterior requires a 16% after-tax return on its capital investments. The new equipment purchase will require an increase in working capital of $350,000 when the equipment is purchased. This amount will be recovered by the company at the end of the 7 years. REQUIRED Calculate the Net Present Value of this project. Should the project be accepted by the company? Show all calculations