NewArt Inc. makes and sells artistic prints. The firm is considering replacing one of its printers. Both the new and the old printer would last another 5 years. Annual sales will remain constant.

The old printer has been fully depreciated and has no resale value. The new printer costs $48,000 today and will also have no resale value in 5 years. The new printer doesn't require any additional net operating working capital, but it produces after-tax cash flows from labor and material savings of $15,000 per year.

The cost of capital is 10%.

What is the NPV of the replacement project?