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 4 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 -$19,171. 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. You will need to use the present value table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to weeks 13 and 14. Click on the link labeled present value table factors. No credit will be awarded for this question using a means other than these posted table factors to answer this question.