XYZ Company purchased a new machine on January 1, 2011 and assigned it an 8-year life with a residual value (note the amount of the residual value is intentionally omitted from the problem). Using the straight-line depreciation method, the book value of the machine at December 31, 2013 was $47,250. Had XYZ Company used double-declining balance depreciation, the depreciation expense recorded on the machine in 2012 would have been $13,500. Calculate the residual value assigned to the machine. Do not use decimals in your answer