Ivanhoe Inc. is considering modernizing its production facility by investing in new equipment and selling the old equipment. The following information has been collected on this investment: Depreciation is $10,200 per year for the old equipment. The straight-line depreciation method would be used for the new equip over an eight-year period with salvage value of $5,000. Calculate the net present value assuming a 12% rate of return. (Ignore income taxes.) (If the net present value is negative, use either a negative sign preceding the number e.g. 45 or parentheses e.g. (45). For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275.)