X Company currently buys 8,000 units of a component part each year from a supplier for $7.40 each but is considering making them instead. Variable costs of making would be $4.60 per unit; additional annual fixed costs would be $7,000. Equipment would have to be purchased for $31,000 and will last for 7 years, at which time it will have a disposal value of $8,000. Assuming a discount rate of 4%, what is the net present value of making the part instead of continuing to buy it?