(Ignore Income Taxes in This Problem)The Management of Penfold Corporation

(Ignore income taxes in this problem) The management of Penfold Corporation is considering the purchase of a machine that would cost $440,000,would last for 7 years,and would have no salvage value.The machine would reduce labor and other costs by $102,000 per year.The company requires a minimum pretax return of 16% on all investment projects.The net present value of the proposed project is closest to:

A) $(28,022)
B) $96,949
C) $(79,196)
D) $274,000