Butler Corporation is considering the purchase of new equipment costing $36,000. The projected annual after-tax net income from the equipment is $1,400, after deducting $12,000 for depreciation. The revenue is to be received at the end of each year. The machine has a useful life of 3 years and no salvage value. Butler requires a 10% return on its investments. The present value of an annuity of $1 for different periods follows:

Periods	10%
1	0.9091
2	1.7355
3	2.4869
4	3.1699

What is the net present value of the machine?

Multiple Choice

• $36,000.

• $33,324.

• $29,843.

• $4,200.

• $(2,676).