Chris Anderson owns a garage and is contemplating purchasing a tire retreading machine for $14,820. After estimating costs and revenues, Chris projects a net cash inflow from the retreading machine of $3,500 annually for 7 years. Chris hopes to earn a return of 12% on such investments. What is the present value of the retreading operation? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 5.27541. Round answer to 2 decimal places, e.g. 25.25.) Present value Should Chris purchase the retreading machine? Chris purchase the tire retreading machine.