A company is deciding whether to lease or buy new equipment that can be purchased for $33,000. If purchased, the equipment will need to be serviced at the end of each year. Consider the following information:

• PVCCATS = $10,000
• PV of Lease Payments Before-Tax = $39,000
• PV of Salvage Value = $8,000
• PV of Lease Payments Tax Shield = $18,000
• PV of Annual Service Costs After-tax = $3,000

Based on the above information, what is the present value of buying? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.)

Numeric Response