Ryan and Max are considering whether to purchase a new "bending brake'.This machine puts precise bends in a material used in their vinyl siding business. The machine will cost $60,000. Ryan and Max estimate that the machine will generate profit as follows: $22,000 in its first year; $17000 in years 2,3 and 4; and $12,000 in years 5 and 6. They believe that the machine will have no value after year 6.

a) if they believe they can make 22% on their money in other investments of similar risk, they __________ purchase the machine since the net present value is $__________.

b) If they believe they can make only 15% on their money in other investments of similar risk, they ____________ purchase the machine since the net present value is $_____________.

Can you please give me the answer with all the steps. Please demonstrate step by step how did you get the net present value. Please show the process.