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 $8,000 per year for the next 8 years, but will require the purchase of some additional equipment, costing $17,000. This equipment should be worth $3,700 at the end of 8 years.

By eliminating Product Y, the firm will lose the product's $7,000 annual contribution margin but will save $13,000 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: $49,929

B: $58,417

C: $68,348

D: $79,967

E: $93,561

F: $109,466