A new machine that will lead to savings in labour costs of $20,000 per year can be purchased for $60,000. However, it will cost $2000 per year for the first four years, and $3000 per year for the next four years to service and maintain the machine. In addition, its annual fuel consumption will cost $1500. After a service life of eight years, the salvage value of the machine is expected to be $10,000. Should the machine be acquired if the company requires a mini- mum annual rate of return on investment of 15%?