Monroe Corporation is considering the purchase of new equipment. The equipment will cost $48,000 today. However, due to its greater operating capacity, Monroe expects the new equipment to earn additional revenues of $8,250 by the end of each year for the next 10 years. Required: 1-a. Assuming a discount rate of 5.5% compounded annually, calculate the present value of annuity. (FV of $1, PV of $1, FVA of $1, and PVA of $1)