Sheridan Manufacturing is considering the purchase of a new sewing machine that costs $21200. The machine, because of its efficiency, will save about $4560 in cost each year. The machine is expected to have a salvage value of $3420 and a life of 6 years. Sheridan's required rate of return is 16%. Click here to view the factor table. Using the present value tables, what is the machine's net present value? (round to the nearest dollar)

$-2994

$17780

$27360

$1404