Andrew purchased a business from Braeden on April 1, 1993. Profits earned by Braeden for the preceding years ending December 31 each year were: 1990-$ 50,000; 1991- $ 60,000; 1992-$ 54,000. It was found out that profit for the year 1990 included a non-recurring item of $ 2,000 and the profit for the year 1992 was reduced by $ 3,000 due to an abnormal loss on account of a small fire in the shop. The properties of the business were not insured in the past, but it was thought prudent to insure the properties in the future and the premium was expected to be $ 500 per annum. Andrew at the time of purchase of the business was employed as a manager with Reny Ltd. At a monthly salary of $ 1,000. He intends to replace the manager of the business, who is at present paid a salary of $ 750 per month. The goodwill is estimated at 2 years' purchase of the average profits. Calculate the value of goodwill of the business.