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To complete a project you can either buy a machine at the beginning of a...

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Accounting

To complete a project you can either buy a machine at the beginning of a 3 year period, or hire 7 employees at the beginning of a 3 year period. Employee costs (salary and benefits) are $6,000 per employee at the end of each month for 3 year. You can sell the machine at the end of the 3 years for 5% of its original purchase price. What is the maximum price that it makes sense to pay for the machine if effective monthly interest is at j = 0.5%

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