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	2,000
Operating costs	70,000
New equipment
Purchase cost	$55,000
Final sales value	6,500
Operating cost savings	10,000

Maintenance work will be necessary on the new equipment in Year 4, 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