Bennett Company is considering the purchase of a new machine. The new machine has a 10-year life and a $8,720 salvage value. The new machine is expected to generate net cash inflows of $64,000 each year during its life. The old machine currently in use can be sold for $17,520 if the new machine is purchased. The accounting rate of return on the new machine was determined to be 15%.

Calculate the cost of the new machine.