A $ 72,000 machine with a 8-year class life was purchased 4 years ago. The machine will now be sold for $ 36,000 and replaced with a new machine costing $ 60,000, with a 5 -year class life. The new machine will not increase sales, but will decrease operating costs by $16,000 per year. Simplified straight line depreciation is employed for both machines, and the marginal corporate tax rate is 34 percent. What is the initial outlay for the project? NOTE -ALTHOUGH THE INITIAL OUTLAY IS NEGATIVE, PLEASE ENTER YOUR ANSWER AS A POSITIVE SIGN. IN OTHER WORDS, IF YOUR ANSWER IS - 10,000 , ENTER IT AS 10,000 . DO NOT ENTER THE DOLLAR SIGN.