请教各位会计大侠！

fengmm

好多年没做这类题了，今天被人请教，自己琢磨着做了一下，但是对于自己做出来的答案，不是那么有信心。知道这里会计专业人才大把，一定有人可以帮到我的。先谢谢了！

Cambridge Limited is considering the purchase of a new drilling machine which has been shown to be environmentally more friendly. The company is currently involved in deliberations with the manufacturer and the parties have not come to settlement regarding the final purchase price. The management of Cambridge has hired you to determine the breakeven purchase price of the equipment. Base your analysis on the following facts:

• The new equipment is not expected to affect revenues, but operating expenses will be reduced by $10,000 per year for 10 years.

• The old equipment, which it will replace, is now 5 years old, with 10 years of its scheduled life remaining. It was purchased for $45,000. It has been depreciated on a straight-line basis.

• The old equipment has a current market value of $20,000.

• The new equipment will be depreciated on a straight-line basis over its 10- year life.

• The required return for Cambridge is 15 percent and inflation is expected to be zero.
• All cash flows occur at year-end, with the exception of the current period cash flows, which occur immediately. The corporate tax rate is 30%.

• The expected market value of both pieces of equipment at the end of their economic lives is zero.

• Your fee is $5,000.

Required
What is the break even purchase price of the equipment?