Present Value of the Costs and the Equivalent Annual Cost The owner of a Boston mall plans to expand the visitor parking. This is due to the fact that the entrance of vehicles is increasing and the space is not enough. The expansion of the parking lot requires machinery whose cost is 2.5 million dollars, the workers' salary adds a cost of 500 thousand dollars and the cost of the material is 2 million dollars. The project has a 50-year useful life and a discount rate of 12%. Calculate the present Value of the Costs and the Equivalent Annual Cost. P.S Pls do it manually cuz I need to know how do it without the use of programs (SHOW THE FORMULAS YOU USED TO SOLVE THE PROBLEM)