Branson Manufacturing is considering purchasing a piece of equipment costing \(\$ 45,000\). The new equipment would create a new cash inflow of \(\$ 20,000\) at the end of the year for 5 years. At the end of the 5 years, the equipment would have no salvage value. The company's cost of capital is \(10 \%\), and the tax rate is \(34 \%\). Assuming the company uses straight-line depreciation for tax purposes and taking income taxes into account, what is the net present value of purchasing the new equipment?