A company is considering the purchase of new equipment for $81,000. The projected annual net cash flows are $32,200. The machine has a useful life of 3 years and no salvage value. Management of the company requires a 10% return on investment. The present value of an annuity of 1 for various periods follows:

Periods	Present value of an annuity of 1 at 10%
1	0.9091
2	1.7355
3	2.4869

What is the net present value of this machine assuming all cash flows occur at year-end?

$27,000