Magna 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.

Old EquipmentNew EquipmentCost$81,200Cost$39,600Accumulated depreciation$41,900Estimated useful life8 yearsRemaining life8 yearsSalvage value in 8 years$4,768Current salvage value$10,600Annual cash operating costs$29,000Salvage value in 8 years$0Annual cash operating costs$35,300

Depreciation is $10,150 per year for the old equipment. The straight-line depreciation method would be used for the new equipment over an eight-year period with salvage value $4,768.

Please help: Calculate the net present value assuming a 17% rate of return (Ignore income taxes).