A large face-shovel is bought new for a price of GH23,250. It has an expected life of seven years when it is expected to have no salvage or resale value. Expenditure on maintenance, insurance, taxation, fuel and lubricants is expected to reach GH500 by the end of the first year, GH700 by the second, GH900 by the end of the third and so on increasing by GH200 each year. What is the Present value of owning this piece of equipment if interest is at 5%