XYZ Company is considering the purchase of a new piece of equipment and has gathered the following information about the purchase: Initial investment Annual cost savings Salvage value in 8 years Repair in 5 years Working capital needed now Cost of capital .. Life of project .. ? .. $38,000 .... 20% of initial investment ... $16,000 $31,000 14% 8 years The working capital needed now will be released for investment elsewhere at the end of the eight years. The net present value of the new equipment is -$26,656. Calculate the salvage value for this piece of equipment.