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

Periods	Present value of 1 at 10%	Present value of an annuity of 1 at 10%
1	0.9259	0.9259
2	0.8573	1.7833
3	0.7938	2.5771
4	0.7350	3.3121

Xavier Co. wants to purchase a machine for $37,500, with a four year life and a $1,200 salvage value.Xavier requires an 8% return on investmnet. The expected year-end net cash flows are $20,000 in each of the first three years, and $12,500 in the fourth year. What is the machine's net present value