Maynard Machine Tool is planning to buy a machine for $14,000 with a salvage value of 25% of the initial cost after a life of 10 years. The company estimates it will need $1,000 for supplies, $500 for maintenance, $250 for utilities and $1,200 for overhead. They estimate these will increase by $1000, 6%, 8% and $200 respectively over the 10-year machine life. If interest rate is 4% per year, what is the net present value of the project?