X Company is trying to decide whether to continue using old equipment to make Product A or replace it with new equipment that will have lower operating costs. The following information is available: The new equipment will cost $54,000. Disposal value at the end of its 6-year useful life will be $5,000. The old equipment was purchased 3 years ago for $24,000. It can be sold immediately for $10,000 but will have zero disposal value in 6 years. Maintenance work, costing $2,000, will be necessary on the new equipment in Year 3. The new equipment will result in $9,500 of operating cost savings each year. Assuming a discount rate of 5%, what is the net present value of replacing the old equipment with the new equipment?