Richard Googal owns a garage and is contemplating purchasing a tire retreading machine for $13,000. After estimating costs and revenues, Richard projects a net cash inflow from the retreading machine of $2,860 annually for 7 years. Richard hopes to earn a return of 9% on such investments. What is the present value of the retreading operation? Should Richard Googal purchase the retreading machine? (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (Round answer to 2 decimal places, e.8. 15.25.) Click here to view the factor table. (a) The present value of the retreading operation is (b) Richard Goog: purchase the retreading machine