You currently don't have a car, but rent a car that's parked just outside your house whenever you need one. Your annual expenditure on rental cars is $$2,200.$

You are now considering purchasing a car that would give you the same level of convenience as your current life style. The car costs $$23,000$ and can be sold for $$5,000$ after $10$ years. You'd purchase the car with money from your savings account which always earns an interest rate of $6\%.$

Assume that all cash flows occur at the end of each year $($maybe because you drive much more around Thanksgiving and Christmas$).$

What is the present value of the benefits of owning that car, i$.$e$.,$ saving on rental expenses and selling the car?