Saul Cervantes has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of each of the next five years: $10,600, $8,290, $9,720, $12,890, and $11,190. If the appropriate discount rate is 6.030 percent, what is the cost in today’s dollars of the equipment Saul purchased today? (Round answer to 2 decimal places, e.g. 15.25.)
Present value