Bing Services is now in the final year of a project. The equipment originally cost $40,000, of which 75% has been depreciated. Bing can sell the used equipment today for $16,000, and its taxrate is 40%. What is the equipment's net after-tax salvage value for use in a capital budgeting analysis? Note that if the equipment's final market value is less than its book value, Bing will receive a tax credit as a result of the sale.