A plant uses an air compressor 24 hours a day, 360 days per year. The compressor provides 500 cubic feet per minute (cfm) at a specific efficiency of 0.27 kW per cfm. The facility is considering purchasing a new compressor for $18,638, which has an specific efficiency of 0.22 kW per cfm. The salvage value of the current compressor is $3,635. The facility pays $0.09 per kWh for electricity.
Assuming a 4 year lifetime on the new compressor, and an interest rate of 5% what is the Present Worth of the project?