Glaze Manufacturing Company (GMC) is considering an opportunity to invest in a new piece of equipment. The equipment costs $64,000 with $44,000 due on the date of purchase and the remaining $20,000 due at the end of year three. The equipment is expected to have a 4 year useful life. GMC's accountant has developed the following cash flow information regarding the equipment Purchase price of the equipment due up front Remaining balance due at end of year 2 Additional working capital required immediately upon purchase Salvage value Incremental income per year Working capital recovery at end of useful life $44,000 $20,000 6,400 17,000 22,000 $ 6,400 Assuming a required (desired) rate of return of 8%, the net present value of this investment opportunity is (Use the PV of $1 and PVA of $1 tables) (Round intermediate and final answer to the nearest whole dollar.) Glaze Manufacturing Company (GMC) is considering an opportunity to invest in a new piece of equipment. The equipment costs $64,000 with $44,000 due on the date of purchase and the remaining $20,000 due at the end of year three. The equipment is expected to have a 4 year useful life. GMC's accountant has developed the following cash flow information regarding the equipment Purchase price of the equipment due up front Remaining balance due at end of year 2 Additional working capital required immediately upon purchase Salvage value Incremental income per year Working capital recovery at end of useful life $44,000 $20,000 6,400 17,000 22,000 $ 6,400 Assuming a required (desired) rate of return of 8%, the net present value of this investment opportunity is (Use the PV of $1 and PVA of $1 tables) (Round intermediate and final answer to the nearest whole dollar.)