ABC Copies may buy a high-volume copier. The machine costs $70,000 and this cost can be fully depreciated immediately. ABC anticipates that the machine actually can be sold in 5 years for $22,000. The machine will save $22,000 a year in (after-tax) labor costs for year t=1 to t=5. It will require an immediate increase in working capital by $6,000 but this will reverse when the equipment is sold. The firms tax rate is 21%, and the discount rate is 11%. What is the NPV of this project?

Note: Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to the nearest dollar amount.