7) A company purchased a machine for $ 12,000 with an expected salvage value of $ 2,000. Operating expenses for the machine will be $ 1.800 per year. In addition, a major overhaul will be required every 5 years at a cost of $ 2,800. What is the equivalent present cost of the machine if it will have an 18 year lifetime and the interest rate is 15 % per year