Martinez Company owns a garage and is contemplating purchasing a tire retreading machine. Martinez projects a net cash flow from the retreading machine of $$11,800$ annually for $7$ years. It estimates a salvage value of $$8,900$ at the end of the asset's useful life. Martinez hopes to earn a return of $10\%$ on such investments. What is net present value? $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided. Round answer to $2$ decimal places, e$.$g$.52\mathrm{.}75.)$

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Net present value

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Should Martinez purchase the retreading machine if it costs $$59,000?$