X Company bought a machine three years ago for $135,000 but is considering replacing it with a new, more efficient one. The new machine will cost $170,000. Both machines will last for five more years, and both will be worth zero at that time. The current machine can be sold immediately for $20,000. Operating costs with the current machine are $65,500; operating costs with the new machine are $29,500.
Using a discount rate of 6%, the net present value of replacing the current machine is