Problem $12-8$ After$-$Tax Cash Flow from Sale of Assets $($LG$12-4)$

Your firm needs a computerized machine tool lathe which costs $$55,000$ and requires $$12,500$ in maintenance for each year of its $3$year life. After three years, this machine will be replaced. The machine falls into the MACRS $3-$year class life category, and neither bonus depreciation nor Section $179$ expensing can be used. Assume a tax rate of $21$ percent and a discount rate of $13$ percent.

If the lathe can be sold for $$5,500$ at the end of year $3,$ what is the after$-$tax salvage value?

Note: Round your answer to $2$ decimal places.

Answer is complete but not entirely correct.

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