X Company is considering replacing one of its machines in order to save operating costs. Operating costs with the current machine are $70,000 per year; operating costs with the new machine are expected to be $45,000 per year. The new machine will cost $66,000 and will last for 5 years, at which time it can be sold for $4,500. The current machine will also last for 5 more years but will have zero salvage value. Its current disposal value is $7,000.

Assuming a discount rate of 8%, what is the net present value of replacing the current machine?

A: $32,062

B: $37,512

C: $43,890

D: $51,351

E: $60,080

F: $70,294