Management is considering the purchase of a new machine for a cost of $65,000. It is estimated that the machine will generate positive net cash flows of $12,000 per year for eight years and will be sold for salvage at the end of that time for $2,500. Assuming a return of 9% compounded annually, determine if management should purchase this machine by finding the present value of all future cash flows (round to the nearest whole dollar; circle the answer that is closest to your calculation of present value of future cash flows).