The following information is available concerning the purchase of a new piece of equipment: Assume the following regarding this potential investment: 1) The working capital needed now will be released at the end of the 10 years for investment elsewhere. 2) If the new equipment is purchased, two repairs will be needed. One repair will occur at the end of the fifth year and is estimated to cost $17,000. The other repair will occur at the end of the eighth year and will cost $23,000. 3) If the new equipment is purchased, the equipment currently in use can be sold at the time of buying the new equipment for $11,000. Calculate the net present value of the new piece of equipment. Present Value of a Lump-Sum Present Value of an Annuity