ABC Company is considering replacing its old machines with new ones. The remaining book value of the old machines is 68,000 and the remaining useful life is 4 years. The new machines cost $172.000 with a useful life of 4 years. Assume a zero salvage value for depreciation calculations and the tax rate is 40%. Use straight line depreciation method. Calculate the relevant annual income tax savings from depreciation. Your answer should NOT include any dollar sign or any commas. Answer: 41600