A chemical company determined the need for a chemical additive that will improve their product by 20%. The companys CEO arranged to purchase the additive through a 5-year contract at $7,000 per year, starting 1 year from now. He expect the annual price to increase by 12% 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 i=15% per year to determine the equivalent total present worth for all these cash flows. Please use the appropriate formula(s) and not a chart. A chart does not show how you completed the work, only that you got an answer.