Concord Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis.

Cost of old asset $$11,600$

Book value of old asset $$1,800$

Selling price of old asset $$1,800$

Purchase price of new replacement asset $$19,100$

Estimated salvage value of new asset $$1,800$

Estimated useful life of new asset $5$ years

Estimated annual net operating cash inflows $$2,900/$year for $5$ years

Discount rate $11\%$

Tax rate $20\%$