Please provide the steps to achieve the solution without using a spreadsheet program.
An auto-part manufacturer is considering establishing an engineering computing center. This center will be equipped with three engineering workstations that each would cost 25,000 and have a service life of five years. The expected salvage value of each workstation is $2,000. The annual operating and maintenance cost would be $15,000 for each workstation. If the MARR is 15%, determine the equivalent annual cost of operating the engineering center.