Your firm needs a computerized machine tool lathe which costs $47,000 and requires $11,700 in maintenance for each year of its 3-year life. After three years, this machine will be replaced. The machine falls into theMACRS3-year class life category. Assume a tax rate of 34 percent and a discount rate of 11 percent.

If the lathe can be sold for $4,700 at the end of year 3, what is the after-tax salvage value?(Round your answer to 2 decimal places.)

Salvage value after tax

$

THE ANSWER IS NOT $2,366.64, THIS IS THE FIRST ANSWER THAT I RECEIVED FOR THIS QUESTION!!