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The following present value factors are provided for use in this problem.

Periods	Present Value of $1 at 9%			Present Value of an Annuity of $1 at 9%
1		0.9174			0.9174
2		0.8417			1.7591
3		0.7722			2.5313
4		0.7084			3.2397

Cliff Co. wants to purchase a machine for $82,000, but needs to earn a return of 9%. The expected year-end net cash flows are $32,000 in each of the first three years, and $36,000 in the fourth year. What is the machine's net present value?

Multiple Choice

• $(998).

• $24,504.

• $106,504.

• $(56,498).

• $132,000.