16. 2.92 Amalgamated Iron and Steel purchased a new machine for ram cambering large I-beams. The company expects to bend 80 beams at $2000 per beam in each of the first 3 years, after which the company expects to bend 100 beams per year at

$2500 per beam through year 8. If the company’s minimum attractive rate of return is 18% per year, what is the present worth of the expected income? Solve using factors and a spreadsheet.