The management of Kunkel Company is considering the purchase of a $33,000 machine that would reduce operating costs by $8,500 per year. At the end of the machine's five-year useful life, it will have zero scrap value. The company's required rate of return is 16%. Required: 1. Determine the net present value of the investment in the machine. (Any cash outflows should be indicated by a minus sign. Use Microsoft Excel to calculate present values. Do not round intermediate calculations.) Item ruture Cash Received Per Year Present Value of Cash Inflows - Annual Cash Inflows / Reduced Costs Net Present Value Calculation Present Value of Cash Inflows Less Cost of Machine