A company is considering the purchase of new equipment for $$99,000.$ The projected annual net cash flows are $$38,800.$ The machine has a useful life of $3$ years and no salvage value. Management of the company requires a $8\%$ return on investment. The present value of an annuity of $$1$ for various periods follows:

$\backslash$table$[[$Period$,$Present value of an annuity of $$1$ at $8\%$