Dont we use the Present Value of an Ordinary Annuity forumla then add in the 22.5K?

Fishbone Corporation purchased a special tractor on December 31, 2010. The purchase agreement stipulated that Fishbone should pay $22,500 at the time of purchase and $5,900 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2010, at what amount, assuming an appropriate interest rate of 11%?