GlivCo is considering buying a new loom. The new loom would be purchased today for $58,000. It would be depreciated straight-line to $6,000 over 2 years. In 2 years, the loom would be sold and the after-tax cash flow from capital spending in year 2 would be $9,000. The loom is expected to reduce costs by $48,000 in year 1 and by $24,000 in year 2. If the tax rate is 50% and the cost of capital is 3.90%, what is the net present value of the new loom project?