A company is considering purchasing a new machine, at a cost of $50,000. This amount will be written off over 5 years at $10,000 per year. In the first year the company will have to increase its accounts receivable by $4,000, and inventory by $8,000. The disposal value of the machine being replaced is $1,500 and will be used to offset the amount borrowed for the new machine. What is the initial working capital investment required for the purpose of capital budgeting?