Mr. Asimov must replace the 11 robots on his assembly line. The Robo100 model costs $47627 per robot and they will last for three years. The EconoRobo model costs $11048 per robot and will last for two years. The Robo100 models will have an end of life salvage value of $6029 each. The EconoRobo models will not have any value at the end of their lives. The Robo100 models are also more energy efficient and it is estimated Mr. Asimov will be able to save a total of $9438 per year in energy costs. Mr. Asimov uses a MARR of 10% to evaluate potential investments.

Using present worth analysis, what is the present worth of the EconoRobo system?