The production department of Zunni's Manufacturing is considering two numerically controlled drill presses; one must be selected. Comparison data is shown in the table below. MARR is 10 percent/year. Based on an internal rate of return analysis, which drill press should be recommended?

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Drill Press T $20,000 Drill Press M Initial Investment Estimated Life Estimated Salvage Value $30,000 10 years 10 years $5,000 $7,000 Annual Operating Cost $12,000 $6,000 Annual Maintenance Cost $2.000 $4,000