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 Equipment				New Equipment
Cost		$81,600		Cost		$39,200
Accumulated depreciation		$40,300		Estimated useful life		8 years
Remaining life		8 years		Salvage value in 8 years		$4,904
Current salvage value		$10,500		Annual cash operating costs		$29,000
Salvage value in 8 years		$0
Annual cash operating costs		$35,100

Depreciation is $10,200 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 $4,904

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