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31. An equipment has a purchase price (P) of $100,000 with a salvage value (S) of $20,000 and : useful life (n) of 4 years.

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31. An equipment has a purchase price (P) of $100,000 with a salvage value (S) of $20,000 and : useful life (n) of 4 years. If an annual interest rate (i) is 4.5%, what is the ownership costs of the equipment using the time-value-of money equation? a. $22,199 b. $23,199 c. $24,199 d. $25,199

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