Mr. Joe decides to pay $40,000 annually to the 6 - year capital improvement to the Food Process Department for the purchase of laboratory equipment. His payment would start at the end of year 3 and...

Mr. Joe decides to pay $40,000 annually to the 6 - year capital

improvement to the Food Process Department for the purchase of laboratory

equipment. His payment would start at the end of year 3 and continue through year 6. Determine the present value of his total payments if the interest rate is 14.2%