You are evaluating the proposed acquisition of a new machine costing $51,000, and it falls into the MACRS 3 -year class. Purchase of the machine would require an increase of net operating working capital of $2,000, which will be recovered when the machine is sold. The machine would increase the firm's revenues by $20,000 per year and its operating costs by $11,000 per year. The machine is expected to be used only for 3 years and then be sold for $25,000. The firm's marginal tax rate is 27 percent, and the project's cost of capital is 14 percent. What is the net cash flow at t=0, i.e., the initial cash flow? $36,000 $38,000 $41,000 $45,000 $50,000 $53,000