Alfredo Lomando is considering the purchase of an industrial glass cutting machine for use in his business. He has determined that a used glass cutter is available for \($25,800\). The cutter has an estimated useful life of 10 years and a residual value of zero. Currently, Alfredo rents an industrial cutter for \($4,400\) annually. The cost of capital is 14 percent.

Required: Calculate the net present value of the industrial glass cutter.