A company is considering the purchase of new equipment for $48,000. The projected annual net cash flows are $20,100. The machine has a useful life of 3 years and no salvage value. Management of the company requires a 11% return on investment. The present value of an annuity of $1 for various periods follows: 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 $16,000 tanan