A large profitable corporation purchased a small jet plane for use by its executives. The plane cost $3,500,000. It has a depreciation life of seven years and $0 salvage value. Develop the complete depreciation schedule for the plane showing year-by-year depreciation charges and book values, and determine the present worth of all the depreciation charges assuming an interest rate of 6% per year, using: (a) Straight line depreciation, (b) SOYD depreciation.
Please show work and formulas used.