A company is considering the purchase of new equipment for $69,000. The projected annual net cash flows are $27,600. The machine has a useful life of 3 years and no salvage value. Management of the company requires a 9% return on investment. The present value of an annuity of 1 for various periods follows:

Periods		Present value of an annuity of $1 at 9%
1		0.9174
2		1.7591
3		2.5313

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