X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available for the current and new equipment:

Current equipment
Current sales value	$5,000
Final sales value	6,500
Operating costs	64,500
New equipment
Purchase cost	$51,000
Final sales value	6,500
Operating costs	54,500

Maintenance work will be necessary on the new equipment in Year 3, costing $3,000. The current equipment will last for five more years; the life of the new equipment is also five years. Assuming a discount rate of 4%, what is the net present value of replacing the current equipment?