X Company currently buys 8,000 units of a component part each year from a supplier for $7.10 each but is considering making them instead. Variable costs of making would be $4.80 per unit; additional annual fixed costs would be $5,500. Equipment would have to be purchased for $33,000 and will last for 7 years, at which time it will have a disposal value of $7,500. Assuming a discount rate of 5%, what is the net present value of making the part instead of continuing to buy it?