Need a written formula explanation, not excel. Please explain how and why to solve this.

A firm decides to purchase a 3D printer at a cost of $25,000, with an estimated useful life of 10 years. The printer will require servicing at a cost of $1,500 per year. What is the equivalent annual annuity of this deal, given a cost of capital of 8%?

	$5,226
	$3,704
	$1,500
	$4,000
	$35,065