Joetz Corporation has gathered the following data on a proposed investment project (Ignore income taxes.):

Investment required in equipment	$ 30,000
Annual cash inflows	$ 6,500
Salvage value of equipment	$ 0
Life of the investment	15 years
Required rate of return	10 %

Present value of an annuity of $1; n=15 & i=10% -> 7.606

The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment.

Group of answer choices

$19,439

$60,000

$23,500

$49,439