Please do not use excell, or any software. Only use equations/formulas. Thank you.

1) (3 points) Monica Geller, head chef at Allesandro's and is looking to update the commercial equipment in her kitchen and bar that will allow them to serve 15 more people per day increase average menu order by $5. Allesandro's currently serves 230 people per day with an average menu order of $16 per person. Monica also estimated spending $56,000 in added utility and maintenance cost every year. The expected salvage value of the upgrade at the end of 4 years is about 10% of the initial purchase. To expect a 15% required rate of return on investment, what would be the maximum amount that should be spent on the upgrade