Paul Company is considering the purchase of a new piece of equipment and has gathered the following information about the purchase: Initial investment ............ ? Annual net cash inflows ....... $17,000 Salvage value in 9 years ...... 15% of original cost of the equipment Working capital needed now .... 40% of original cost of the equipment Overhaul in 5 years ........... $42,000 Cost of capital ............... 8% Life of project ............... 9 years The working capital needed now will be released at the end of the 9 years for investment elsewhere. The before-tax net present value of this new equipment was calculated to be -$19,111. Calculate the initial investment for this piece of equipment. Ignore the effects of income taxes. Do not enter your answer into carmen with a minus sign in front of the number.