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X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available for the current and new equipment: Current equipment Current sales value Final sales value Operating costs $5,000 3,500 69,500 New equipment Purchase cost Final sales value Operating costs $50,000 5,500 60,500 Maintenance work will be necessary on the new equipment in Year 3, costing $2,500. The current equipment will last for 5 more years; the life of the new equipment is also 5 years. Assuming a discount rate of 8%, what is the net present value of replacing the current equipment