X Company is considering the purchase of a new manchine. The new machine would reduce the amount of part-time labor, at a cost savings of $5,800 per year. In addition, the new machine would allow the company to produce a new product, resulting in the sale of 1,150 units with a contribution margin of $1.00 per unit. The new machine would cost $21,000, last for 6 years, and have a salvage value of $3,000. Assuming a discount rate of 5%, what is the net present value of the new machine? (Please show all steps)