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 Final sales value Operating costs $10,000 3,500 62,500 New equipment Purchase cost Final sales value Operating cost savings $47,000 7,000 9,000 Maintenance work will be necessary on the current equipment in Year 3, costing $3,000. The current equipment will last for 5 more years; the life of the new equipment is also 5 years. Assuming a discount rate of 4%, what is the net present value of replacing the current equipment