Brief Exercise C-12 Calculate the present value of an annuity (LOC-3) Monroe Corporation is considering the purchase of new equipment. The equipment will cost $47,000 today. However, due to its greater operating capacity, Monroe expects the new equipment to earn additional revenues of $8,000 by the end of each year for the next 10 years. 1-a. Assuming a discount rate of 1.5% compounded annually, calculate the present value of annuity (FyofS1. PVOSI, A AofS1. and PVA of$1) (Use appropriate factor(s) from the tables provided. Round your answer to 2 decimal places.) Present value of annuity 1-b. Should Monroe make the purchase? O No O Yes