a company is considered in new labour$-$saving equipment costing R$1000000.$ one major saving is expected to be semi$-$skilled labour which in the year $2015$ is paid R$5$ per hour $,$but which the firm expects to have to increase at $5\%$ per annum into the foreseeable future $.$ if purchased,the equipment is rexpected to save $20000$ man hour per year and would be in place from the start of $2016.$ the company's money cost oof capital is $15,5\%.$ assuming that saving arise at the end of each year $,$what $($to the nearest R$\text{'}000)$ is the present value at the beginning of $2016$ of the savings over a ten year planning period? write step by step