Problem
John's project has a five year term, a first cost, no salvage value, and annual savings of $20000. After doing present worth and annual worth calculations with a 17% interest rate, John noticed that the calculated present worth for the project is exactly three times the annual worth. What is the project's first cost?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.