Sheridan Googal owns a garage and is contemplating purchasing a tire retreading machine for $19,820. After estimating costs and revenues, Sheridan projects a net cash inflow from the retreading machine of $3,100 annually for 10 years. Sheridan hopes to earn a return of 8% on such investments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the present value of the retreading operation? (Round answer to 2 decimal places, e.g. 25.25.)

Present value

$enter the present value in dollars rounded to 2 decimal places

Should Sheridan Googal purchase the retreading machine?

Sheridan Googal (should or should not) purchase the retreading machine.