Joseph Moore owns a garage and is contemplating purchasing a tire retreading machine for $$14,000.$ After estimating costs and

revenues, Joseph projects a net cash inflow from the retreading machine of $$3,080$ annually for $11$ years. Joseph hopes to earn a

return of $12\%$ on such investments. What is the present value of the retreading operation? Should Joseph Moore purchase the

retreading machine? $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided.$)($Round answer to $2$ decimal

places, e$.$g$.15\mathrm{.}25.)$

Click here to view the factor table.

$($a$)$ The present value of the retreading operation is

$($b$)$ Joseph Moore

purchase the retreading machine.