2) C hemical engineers at a Coleman Industries plant in the Midwest have determined that a small amount of a newly available chemical additive will increase the water repellency of Coleman's tent fabric by 20%. The plant superintendent has arranged to purchase the additive through a 5-year contract at $7000 per year, starting 1 year from now. He expects the annual price to increase by 3% per year starting in the sixth year and thereafter through year 13. Additionally, an initial investment of $35,000 was made now to prepare a site suitable for the contractor to deliver the additive. Use-6 % per year to determine the equivalent total present worth for all these cash flows