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The Spartan Technology Company has a proposed contract with theDigital Systems Company of Michigan. The initial investment in landand equipment will be $225,000. Of this amount, $180,000 is subjectto five-year MACRS depreciation. The balance is in nondepreciableproperty. The contract covers six years; at the end of six years,the nondepreciable assets will be sold for $45,000. The depreciatedassets will have zero resale value. Use Table 12-12. Use Appendix Bfor an approximate answer but calculate your final answer using theformula and financial calculator methods. The contract will requirean additional investment of $51,000 in working capital at thebeginning of the first year and, of this amount, $31,000 will bereturned to the Spartan Technology Company after six years. Theinvestment will produce $70,000 in income before depreciation andtaxes for each of the six years. The corporation is in a 25 percenttax bracket and has a 8 percent cost of capital.a. Calculate the net present value. (Do not round intermediatecalculations and round your answer to 2 decimal places.)