Toys is considering a new molding machine. The machine costs $196000. The new machine can be used to generate $81000 in annual revenue. Cash operating expenses are estimated to be $51000 per year. The machine has a useful life of 15 years and annual depreciation expense would be $12400. The machine has an approximate salvage value of $10000 at the end of its useful life. The company has an 8% minimum rate of return. What is present value of the cash flows generated by the machine