(Ignore Income Taxes in This Problem

(Ignore income taxes in this problem. )Weilbacher Corporation is considering the purchase of a machine that would cost $240,000 and would last for 8 years.At the end of 8 years,the machine would have a salvage value of $50,000.The machine would reduce labor and other costs by $62,000 per year.The company requires a minimum pretax return of 16% on all investment projects.
Required:
Determine the net present value of the project.Show your work!