A company must purchase new equipment costing $59,000. The company can pay cash on the basis of the purchase price or make payments of $815 per month for eight years. Interest is 7.5% compounded monthly. Compute the present value of each alternative and determine if the company should purchase the new equipment with cash or make payments on the installment plan. The present value of the equipment if the company pays cash is $ (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.) The present value of the equipment if the company makes payments on the installment plan is \$ (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.) The company should