Dave Co. owns aging machines and is considering buying a new ones. Dave Co. is considering replacing their older machines to take advantage of the higher potential dayrates for their contracts over the next five years. Dave Co. current produces annual revenues of $35 M per machine with cash costs of $16 M per machine. The older machines also currently have $5 M tied up in NWC per machine. The controller of the company has estimated annual revenues for newbuild machines at $269 M per machine with cash costs of $30 M per machine. The new machines would require $15 M in NWC each. The purchase price of a new machine is $750 M. They expect to depreciate this on a straight-line basis to zero over the next five years. However, the company estimates that a new machine could be sold for $400 M at the end of the project. If they purchased a new machine today, they could sell an old one on the open market for $30 M. The old machines are currently carried on the books at $35 M each and are being depreciated on a straight-line basis by $5 M per year. If they decided to stick with the old machines, they expect them to have a market value of only $15 M in five years. Assume that Dave Co. faces a 40% corporate tax rate and an 17% cost of capital. What is the NPV of the decision (in $M per machines) to replace the old machines with the new ones?