Then I can see if I have an easier way.
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?
I was able to find the answer, but through a very long process. Does someone have an easier way?