please work by hand. no excel

R. MCUN 12-15 A firm manufactures pac shipping bags. A ain 100 bags, but board cartons by eye, nywhere from 98 to 123 pard carton should contain 100 machine operators fill the cardboard so a carton may contain anywhere fra bags (average = 105.5 bags). Each costs $0.03. added bag ment realizes that they are giving away 51/2% of their output by overfilling the cartons. On solution is to automate the filling of shipping car- tons. This should reduce the average quantity of bags per carton to 100.3, with almost no cartons containing fewer than 100 bags. The equipment would cost $18,600 and straight-line depreciation with a 10-year deprecia- ble life and a $3600 salvage value would be used. The equipment costs $16,000 annually to oper- ate. 200,000 cartons will be filled each year. This large profitable corporation has a 28% combined federal-plus-state incremental tax rate. Assume a tudy period for the analysis and an after- tax MARR of 15%. Compute: (a) The after-tax present worth