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 5,000

Operating costs 68,000

New equipment

Purchase cost $45,000

Final sales value 5,000

Operating cost savings 9,000

Maintenance work will be necessary on the new equipment in Year 4, costing $3,000. The current equipment will last for six more years; the life of the new equipment is also six years. Assuming a discount rate of 8%, what is the net present value of replacing the current equipment?