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

Periods	Present Value of $1 at 11%			Present Value of an Annuity of $1 at 11%
1		0.9009			0.9009
2		0.8116			1.7125
3		0.7312			2.4437
4		0.6587			3.1024

Cliff Co. wants to purchase a machine for $62,000, but needs to earn a return of 11%. The expected year-end net cash flows are $24,000 in each of the first three years, and $28,000 in the fourth year. What is the machine's net present value?

Multiple Choice

• $(3,351).

• $15,093.

• $77,093.

• $(43,556).

• $100,000.