Cushing Corporation is considering the purchase of a new grading machine to replace the existing one. The existing machine was purchased $3$ years ago at an installed cost of $$19,400$; it was being depreciated under MACRS using a$5-$year recovery period.$($See table LOADING... for the applicable depreciation$$ percentages.$)$ The existing machine is expected to have a usable life of at least $5$ more years. The new machine costs $$34,800$ and requires $$4,900$ in installation$$ costs; it will be depreciated using a$5-$year recovery period under MACRS. The existing machine can currently be sold for $$25,400$ without incurring any removal or cleanup costs. The firm is subject to a $40\%$ tax rate. Calculate the initial investment associated with the proposed purchase of a new grading machine.