Gnome Place Like Home, Inc. is evaluating the purchase of a new machine to use in its manufacturing process. The new machine would cost $36,000 and have a useful life of 6 years. At the end of the machine's life, it would have a residual value of $2,100. Annual cost savings from the new machine would be $12,900 per year for each of the 6 years of its life. The company has a minimum required rate of return of 14% on all new projects. The net present value of the new machine would be closest to:

Present Value of $1

Periods	14%	16%	18%
5	0.519	0.476	0.437
6	0.456	0.410	0.370
7	0.400	0.354	0.314

Present Value of Annuity of $1

Periods	14%	16%	18%
5	3.433	3.274	3.127
6	3.889	3.685	3.498
7	4.288	4.039	3.812

(Round any intermediary calculations and your final answer to the nearest dollar.)