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

Periods	Present Value of $1 at 9%			Present Value of an Annuity of $1 at 9%
1		0.9174			0.9174
2		0.8417			1.7591
3		0.7722			2.5313
4		0.7084			3.2397

Cliff Co. wants to purchase a machine for $56,000, but needs to earn an 9% return. The expected year-end net cash flows are $21,000 in each of the first three years, and $25,000 in the fourth year. What is the machine's net present value?

Multiple Choice

• $14,867.

• $88,000.

• $70,867.

• $(38,290).

• $(2,843).