8. A company purchases manufacturing equipment for $ 100,000. After 10 years, the salvage value is $12,000. The annual insurance cost is 5% of the purchase price. The electricity cost is $ 800 per year and maintenance and replacement parts cost is $1200 per year. The effective annual interest rate is 10% per year. What is the Present worth of the equipment if it is expected to save the company $15,000 per year?