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 $10,000

Final sales value 4,000

Operating costs 61,000

New equipment

Purchase cost $49,000

Final sales value 6,000

Operating costs 52,000

Maintenance work will be necessary on the current equipment in Year 3, costing $3,500. The current equipment will last for 6 more years; the life of the new equipment is also 6 years. Assuming a discount rate of 8%, what is the net present value of replacing the current equipment?