3. Maersk Metal Stamping is analyzing a special investment project. The project will require the purchase of two machines for $30,000 and $8,000 (both machines are required). The total residual value at the end of the project is $1,500. The project will generate cash inflows of $11,000 per year over its 8-year life.

If Maersk requires a 6% return, what is the net present value (NPV) of this project? (Use present value tables or Excel.)