Question 11 A company is considering the replacement of an old machine with a new machine. The old machine was purchased 3 years ago for $15,000. Additional information relating to these machines is as follows (all cash flows are expressed in real terms): The real required rate of return is 6 percent per annum, and the anticipated inflation rate is 3 percent per annum. Calculate the net present value of replacing the old machine with the new machine. Company tax rate =30%