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 0.9091 0.9091 2 0.8264 1.7355 3 0.7513 2.4869 4 0.6830 3.1699

Cliff Co. wants to purchase a machine for $78,000, but needs to earn an 10% return. The expected year-end net cash flows are $31,000 in each of the first three years, and $35,000 in the fourth year. What is the machine's net present value?