Cliff Co. wants to buy a machine for $68,000, but needs to earn an 8% return. The expected net cash flows at the end of the year are $27,000 in each of the first three years and $31,000 in the fourth year. What is the net present value of the machine (rounded to the nearest whole dollar)?

Periods	Present value from 1 to 8%	Present value of an annuity from 1 to 8%
1	0.9259	0.9259
2	0.8573	1.7833
3	0.7938	2.5771
4	0.7350	3.3121