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A $67,000 machine with a 9-year class life was purchased 2 years ago. The machine will now be sold for $28,000 and replaced with a new machine costing $60,000, with a 5-year class life. The new machine will not increase sales, but will decrease operating costs by $16,000 per year. Simplified straight line depreciation is employed for both machines, and the marginal corporate tax rate is 34 percent. What is the initial outlay for the project? NOTE - ALTHOUGH THE INITIAL OUTLAY IS NEGATIVE, PLEASE ENTER YOUR ANSWERAS A POSITIVE SIGN. IN OTHER WORDS, IF YOUR ANSWER IS 10,000, ENTER IT AS 10,000 . DO NOT ENTER THE DOLLAR SIGN