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	$5,000
Final sales value	3,500
Operating costs	65,000
New equipment
Purchase cost	$47,000
Final sales value	7,000
Operating cost savings	8,500

Maintenance work will be necessary on the new equipment in Year 3, costing $2,500. The current equipment will last for 5 more years; the life of the new equipment is also 5 years. Assuming a discount rate of 8%, what is the net present value of replacing the current equipment?