The Halifax Office Equipment Company has offered to sell some new packaging equipment to the Bernard Company. The list price is $36,000, but Halifax has agreed to allow a trade-in allowance of $15,000 on some old equipment. The old equipment was carried at a book value of $8,700 and could be sold outright for $10,000 cash. Cash operating savings are expected to be $5,000 annually for the next 12 years. The minimum desired rate of return is 12 percent. The old equipment has a remaining useful life of 12 years. Both the old and the new equipment will have zero disposal value 12 years from now. 

Should Bernard buy the new equipment? Show your computations, using the NPV method. Ignore income taxes.