X Company is considering replacing one of its machines in order to save operating costs. Operating costs with the current machine are $66,000 per year; operating costs with the new machine are expected to be $43,000 per year. The new machine will cost $71,000 and will last for 4 years, at which time it can be sold for $3,000. The current machine will also last for 4 more years but will have zero salvage value. Its current disposal value is $4,000.

Assuming a discount rate of 8%, what is the difference between the net present value if X Company replaces the current machine and the net present value if it keeps the current machine?