Karpets Industries is investing in a new high speed loom for weaving its rugs and carpets. The new loom will have a useful life of 6 years and cost $70,000. The loom's residual value is $5,000. Assume that Karpets requires a return of 10% and that the loom will have annual cost savings of $17,450. What is the net present value (NPV) of the new loom? (Round any intermediary calculations and your final answer to the nearest dollar.)