A company is considering the purchase of new equipment for $99,000. The projected annual net cash flows are $38,800. The machine has a useful life of 3 years and no salvage value. Management of the company requires a 8% return on investment. The present value of an annuity of $1 for various periods follows: Period 1 2 3 Present value of an annuity of $1 at 88 0.92591 1.7833 2.5771 What is the net present value of this machine (rounded to the nearest whole dollar) assuming all cash flows occur at year-end? Multiple Choice $33,000 $4,800