ABC Company is considering purchasing a new machine for its manufacturing facility. The machine costs $100,000 and has a useful life of 5 years. The company expects to generate annual cash flows of $30,000 from the machine. The salvage value of the machine at the end of 5 years is expected to be $20,000. The company's cost of capital is 8%. Calculate the net present value (NPV) of the investment and advise the company whether it should purchase the machine.