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The following present value factors are provided for use in this problem: Present Value Present Value of an Periods of 1 at 8% Annuity of 1 at 8% 1 0.9259 0.9259 2 0.8573 1.7833 3 0.7938 2.5771 4 0.7350 3.3121 Norman Co. wants to purchase a machine for $47,000, but needs to earn an 8% return. The expected year-end net cash flows are $10,000 in each of the first three years, and $25,000 in the fourth year. What is the machine's net present value (round to the nearest whole dollar)?

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