LMC, Inc. needs a machine to further their current business needs. They have found a machine that will satisfy their need with a cost of $95,000 and a 4 year useful life. LMC's cost of capital is 13%.

The machine will have the following net cash inflows over its life:

Year 1	$20,000
Year 2	$35,000
Year 3	$50,000
Year 4	$30,000	(including salvage value)

Present Value of an $1
n/i	12%	13%	14%	15%
1	0.893	0.885	0.877	0.87
2	0.797	0.783	0.769	0.756
3	0.712	0.693	0.675	0.658
4	0.636	0.613	0.592	0.572
5	0.567	0.543	0.519	0.497

Present Value of an Ordinary Annuity
n/i	12%	13%	14%	15%
1	0.893	0.885	0.877	0.87
2	1.69	1.668	1.647	1.626
3	2.402	2.361	2.322	2.283
4	3.037	2.974	2.914	2.855
5	3.605	3.517	3.433	3.352

What is the net present value of the project?