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

Periods	Present value of 1 at 12%	Present value of an annuity of 1 at 12%
1	0.8929	0.8929
2	0.7972	1.6901
3	0.7118	2.4018
4	0.6355	3.0373

Norman Co. wants to purchase a machine for $70,000 but needs to earn a 12% return. The expected year-end net cash flows are $28,000 in each of the first three years and $32,000 in the fourth year. What is the machine's net present value (round to the nearest whole dollar)?

$(2,750).

$17,586.

$87,586.

$(49,664).

$116,000.