What is the present worth value of the pump

Reference no: EM13697420

A pump cost $29,238 when it was purchased. The cost to operate the pump were $500 the first year and increased $50 per year for each of the next 10 years of the life of the pump. The pump has a salvage value of $5675 today, at the end of its 10 year life. What is the present worth value of the pump, including its maintenance costs if the annual interest rate is 3.5%?

Reference no: EM13697420

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