The management of Kunkel Company is considering the purchase of a $43,000 machine that would reduce operating costs by $9,000 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 12%. 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 Future 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 Net present value