Fishbone Corporation bought a new machine and agreed to pay for it in equal annual installments of $5,800 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 9% applies to this contract, how much should Fishbone record as the cost of the machine?

You'll want to use a present value table to determine the present value of $1 per year, given the number of years and interest rate. If you want to post your answer, we can verify you understand.