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Math Help - Finding present-worth

  1. #1
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    Mar 2010
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    Finding present-worth

    A used machine costs $20,000 to purchase. It has an annual maintenance cost of $20,000, a salvage value of $5,000, and a 10-year life. If the interest rate is 10% per year, compounded annually, what is the present-worth of the machine?

    Ans: $140,960.12
    I was able to find the answer, but through a very long process. Does someone have an easier way?
    Last edited by enchanteuse; April 1st 2010 at 04:15 AM. Reason: Wanted to add more information
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  2. #2
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    what is your process?

    Then I can see if I have an easier way.

    Ivan
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