Cassy, Inc. is evaluating the purchase of a new machine to use in its manufacturing process. The new machine would cost $40,000 and have a useful life of 6 years. At the end of the machine's life, it would have a residual value of $2,500 Annual cost savings from the new machine would be $12,400 per year for each of the six years of its life. Cassy, Inc. has a minimum required rate of return of 16% on all new projects. Required Calculate the net present value of the new machine Paragraph B