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On September 1, 2022, Jones Manufacturing purchase equipment from CAT. Jones agreed to pay $25,000 on September 1, 2022 and the balance in six payments

On September 1, 2022, Jones Manufacturing purchase equipment from CAT. Jones agreed to pay $25,000 on September 1, 2022 and the balance in six payments of $10,000. The six payments will be made every six months on March 1 and September 1. Assuming an interest rate of 8% (annual rate) reflects the time value of money, at what amount should Jones value the equipment?

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