Big Dawg Corporation just purchased computing equipment for $ $55,536. The equipment will be depreciated using a 5-year MACRS depreciation schedule. If the equipment is sold at the end of its fourth year for $12,000, assuming the marginal tax rate is 37%, what is the net salvage value of the equipment. (Note we assume depreciation does not begin until year 1)

\begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{c} Marginal tax rate \\ Depreciation basis \end{tabular} & $55,536 & \\ \hline Market value after 4 years & $12,000 & \\ \hline Year & 5-year MACRS & Depreciation & \\ \hline 1 & 20.00% & \\ \hline 2 & 32.00% & \\ \hline 3 & 19.20% & \\ \hline 4 & 11.52% & \\ \hline 5 & 11.52% & \\ \hline 6 & 5.76% & \\ \hline \end{tabular}