Jones Corporation is considering the purchase of a machine that would cost $120,000 and would last for 4 years. At the end of 4 years, the machine would have a salvage value of $18,000. By reducing labor and other operating costs, the machine would provide annual cost savings of $32,000. The company requires a minimum pretax return of 10% on all investment projects. (Ignore income taxes.)

Click here to viewExhibit 13B-1andExhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided.

The net present value of the proposed project is closest to:(Round your intermediate calculations and final answer to the nearest whole dollar amount.)