Jackson Company invests in a new piece of equipment costing $40,000. The equipment is expected to yield the following amounts per year for the equipment's four-year useful life:

Cash revenues	$ 60,000
Cash expenses	(32,000)
Depreciation expenses (straight-line)	(10,000)
Income provided from equipment	$ 18,000
Cost of capital	14%

What is the net present value of this investment in equipment?

a.$41,592

b.$81,592

c.$(4,480)

d.$52,452

Please explain in as much detail as possible without using Microsoft Excel