JT cc is considering replacing an equipment that they purchased 2 years ago for N$50,000. The old equipment could be replaced with a modern one that cost 60,000. JT cc has been letting the old equipment to similar local businesses for a total income of N$3,000, something they cannot do with the modern equipment due to its delicate nature. The modern equipment could reduce total overhead expenses by N$5,000. The company has a policy to depreciate all equipment on the straight-line basis, at 10%.

Required:

Calculate the relevant cost of replacing the old equipment.

NB: You are not required to enter the unit or currency symbol.

Provide your answer in numerical form, with no spaces in between. For example: 1000.