City Hospital,a taxpaying entity, estimates that it can save $30,000 a year in cash operating costs for the next 10 years if it buys a special-purpose eye-testing machine at a cost of $135,000. No terminal disposal value is expected. City Hospital's required rate of return is 12%. Assume all cash flows occur at year-end except for initial investment amounts. City Hospital

uses straight-line depreciation. The income tax rate is 34% for all transactions that affect income taxes.

The net present value is $?