NPV Company is considering to buy a new machine which cost P50,000. It will be a labor saving investment which will reduce payroll by P13,500 per year. Its useful life is 8 years and it will have zero salvage value. A minimum desired rate of return of 18% is used for capital investment decisions. Information on present value factors is as follows: Present value of P1 for 8 periods at 18% .266 Present value of an annuity of P1 for 8 periods 4.078 Required: Compute the net present value.