The Pittsburgh Press is considering replacing an existing press with a more efficient press. The new press costs $62,000 and

requires $5,000 in installation costs. The old press was purchased 2 years ago for an installed cost of $45,000 and can be sold

for $24,000 net of any removal costs today. Both presses are depreciated under the MACRS 5-year recovery schedule. The

firm is in 21 percent marginal tax rate. Calculate the total inital (year 0) cash flow.

(Round to the nearest dollar and don't include the dollar sign. Please use negative to indicate outflow.)