Teagyn corp. produces PITAs and has a choice of upgrading or replacing a piece of equipment. The upgrade would cost $25M and have an operating cost per unit of $62,000. Replacing the equipment would cost $39M and would reduce operating costs per unit from the upgrade estimate by 10%. Replacing would also allow the current machine to be sold for $3M now. Regardless of the choice, Teagyn forecasts sales of 460 units at $80,000 per unit and expects unit sales to grow at 10% per year over the next four years (five years in total, selling price and costs would remain the same). Use a WACC of 12% to compare these choices. What is the Present Value if Teagyn upgrades the machine?