Problem
A new drill press has a first cost of $10,000. The net annual income is $1500 the first year, which decreases by $250 each year thereafter. After 6 years, the press can be sold for $500. What is the press' present worth at an interest rate of 12%?
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.