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A company is considering an 8-year project to expand into a newgeographical area. The project requires a new machine, which wouldcost $230,000 FOB San Francisco, with a shipping cost of $8,000 tothe new plant location. Installation expenses of $13,000 would alsobe required. This new machine would be classified as 7-yearproperty for MACRS depreciation purposes. The project engineersanticipate that this equipment could be sold for salvage for$40,000 at the end of theproject. If the corporate tax rate is 31%,what is the after tax salvage cash flow for this new machine at theend of the project? (Answer to the nearest dollar.)MACRS percentages for depreciation each year are as follows:Year %1 14.29 2 24.49 3 17.49 4 12.49 5 8.93 6 8.93 7 8.93 8 4.45