*** It is also strongly suggested that you complete the end of chapter questions you are given answers for in the course text, but these are not to be handed in. Your consulting firm purchased some state-of-the-art surveying equipment 4 years ago for $75,000. If you were to sell this equipment now, it would have a salvage value of $30,000, but if you keep the equipment there will be an $1,000 per year charge to upgrade the system software, and the potential salvage value decreases by $5000 each year. A brand-new version of the surveying equipment would cost $90,000, would not require any software updates for the first 2 years, then these would cost $500 each year following, with an upgrade costing 2500 in year 5. At the end of year 1, the salvage value would be 87,500, and would decrease by $3500 each following year. The company has a MARR of 10% a) Determine the economic service life of each machine. (7 points) b) If we know that the equipment is required for at least the next 10 years, can we simply say tha