The following present value factors are provided for use in this problem.

Periods	Present Value of $1 at 8%			Present Value of an Annuity of $1 at 8%
1		0.9259			0.9259
2		0.8573			1.7833
3		0.7938			2.5771
4		0.7350			3.3121

Cliff Co. wants to purchase a machine for $58,000, but needs to earn a return of 8%. The expected year-end net cash flows are $22,000 in each of the first three years, and $26,000 in the fourth year. What is the machine's net present value?

Multiple Choice

• $(1,304).

• $17,806.

• $75,806.

• $(38,890).

• $92,000.