Adele's Inc. is considering investing in a piece of equipment to automate some operations. It will cost $180,000 and last 4 years with no salvage value. Sales are not expected to be impacted, but estimated savings in labor and other costs will be $60,000 per year. Annual depreciation expense will be $45,000. Using a discount rate of 8%, and the tables in Supplement 11A, the net present value of the investment is $ .