A forklift will last for only 2 more years. It costs $5,600 a year to maintain. For $22,000 you can buy a new lift that can last for 10 years and should require maintenance costs of only $2,600 a year.

Calculate the equivalent cost of owning and operating the forklift if the discount rate is 5% per year.

Calculate the equivalent cost of owning and operating the forklift if the discount rate is 15% per year.