QUESTION IS : Jackson & Sons uses packing machines to prepare its products for shipping. One machine costs $136,000 and lasts about 4 years before it needs replaced. The operating cost per machine is $6,000 a year. What is the equivalent annual cost of one packing machine if the required rate of return is 12%? (Round your answer to whole dollars.)

ANSWER I HAVE ALREADY HOWEVER, COULD YOU EXPLAIN ME IN DETAIL HOW TO CALCULTE PRESENT VALUE OF ANNUITY (3.0373) IN THIS CASE ?

Present value of annuity of 12%,4years = 3.0373 HOW ?

Equivalent annual cost= Initial cost ($136,000)/Present value of annuity (3.0373)+ Operating costs($6,000)