X Company is thinking about expanding the production of Product X and eliminating Product Y. Expanding sales of X should result in additional firm profits of $9,000 per year for the next 8 years, but will require the purchase of some additional equipment, costing $10,000. This equipment should be worth $3,700 at the end of 8 years.

By eliminating Product Y, the firm will lose the product's $6,000 annual contribution margin but will save $12,000 of annual fixed costs.

Assuming a discount rate of 4%, what is the net present value of expanding the production of Product X and eliminating Product Y?

A: $47,974

B: $59,968

C: $74,960

D: $93,700

E: $117,125

F: $146,406