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Question 17 5 pts Summit Inc. purchases new equipment that costs $500,000 and will provide net cash inflows in the form of annual cost savings of $100,000 each year for 6 years. At the end of year 6, Summit will spend $50,000 to refurbish the equipment so that it can be used for one more year. The equipment will provide cost savings of $80,000 in year 7 and will have a salvage value of $40,000 at the end of year 7. Summit uses a discount rate of 6% to make capital budgeting decisions. What is the net present value of this project? $36,250 $44,900 $71,500 $9,650 None of the above