can you please help with the solution

QUESTION 2 DUT is considering to buy and fit a new lift at 5 Block, Steve Biko Campus to replace the old one which is now frequently breaking down due to aging wear and tear. Facilities and Procurement Departments at DUT have identified a good lift on the market that can be considered for purchase and installation depending on its present and future costs as follows: Lift Type A: This lift will cost R300,000.00 to install, In addition, it will require R20,000.00 per annum for maintenance which will increase annually at an escalation rate of 8%. Expected life cycle of the lift is 10 years and the rate of interest is 9.5% per annum Calculate the present value of this lift option considering its purchase and maintenance costs (20 marks)