Answer should be 50 007

need step by step solution (no excel please!)

A large profitable company, in the 40% combined federal/state tax bracket, is considering the pur- chase of a new piece of equipment that will yield benefits of $10,000 in Year 1, $15,000 in Year 2, $20,000 in Year 3, and $20,000 in Year 4. The equipment is to be depreciated using 5-year MACRS depreciation starting in the year of pur- chase (Year 0). It is expected that the equipment will be sold at the end of Year 4 at 20% of its purchase price. What is the maximum equipment