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Island Ferry plans to expand operations by acquiring another boat. It has a bid of $950,000 from a boat manufacturer to provide a boat that can carry 40 passengers. The boat has an expected life of eight years with an expected residual value for financial reporting and tax purposes of $50,000. Island Ferry has a tax rate of 40 percent and uses straight-line depreciation for tax purposes. Its required rate of return is 10 percent. The following annual cash flows relate to the investment in the new boatItem Cash FlowPassenger revenues ......$325,000Labor cost ..........(90,000)Fuel cost ..........(16,000)Maintenance cost ........(27,000)Miscellaneous cost ......(4,000)Taxes ............?
Required:
Calculate the net present value of the investment in the boat. Should the company make the investment?
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