A $88,000 machine with a 10-year class life was purchased 3 years ago. The machine will now be sold for $24,000 and replaced with a new machine costing $54,000, 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 a 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 15 -10.000, ENTER IT AS 10.000. DO NOT ENTER THE DOLLEAR SIGN