A Used Tower Crane Has an Initial Cost of $250,000

Multiple Choice

A used tower crane has an initial cost of $250,000. In Year 3 and Year 6, the equipment will require major maintenance, at a cost of $16,000 each time. The annual operating cost for the equipment is $24,000, and it has a salvage value of $33,000 in Year 9.
-Find the net present value of the equipment if the cash flows are discounted annually at 12%.

A) -$412,138
B) -$395,374
C) -$372,575
D) -$385,472
E) -$406,201