Use the data presented below to determine the benefit/cost ratio, the net present value, and the average payback period for the proposed equipment acquisition. Then, decide whether the opportunity should be pursued. New instrumentation can perform 250,000 tests per year. It has a purchase price of $6,000,000 paid in two installments - one when the order is placed the second a year later. New space will be constructed to house the equipment at a cost of $1,500,000. In addition, installation will cost $600,000. The manufacturer includes maintenance for the first year in the purchase price of the instrument. Thereafter, it will cost $25,000 per year for a maintenance contract. The instrument will generate added test volume at a rate of 150,000 tests in the first year. This amount will increase annually by 40,000 tests/year. You can charge $10 per test with a collection rate of 75%. In addition, you will be able to reduce the workforce by six FTEs each of which is paid $75,000/year. The fringe benefits rate for workers is 20%. The hurdle rate for this opportunity is 6%. You must explain each calculation.