A company is considering the purchase of new equipment for $45,000.

A company is considering the purchase of new equipment for $45,000. The projected after-tax net income is $3,000 after deducting $15,000 of depreciation. The machine has a useful life of 3 years and no salvage value. Management of the company requires a 12% return on investment. The present value of an annuity of 1 for various periods follows: 
PERIOD PRESENT VALUE OF AN ANNUITY OF 1 at 12%
1 0.8929
2 1.6901
3 2.4018 

What is the net present value of this machine assuming all cash flows occur at year-end?
a. $(1,768)

b. $3,000
c. $15,000
d. $18,000
e. $43,232