1. 4.25 Two processes can be used for producing a polymer that reduces friction loss in engines. Process T will have a first cost of $700,000, an operating cost of $60,000 per year, and a salvage value of $80,000 after its 2-year life. Process W will have a first cost of $1,350,000, an operating cost of $25,000 per year, and a $120,000 salvage value after its 4-year life. Process W will also require updating at the end of year 2 at a cost of $90,000. Which process should be selected on the basis of a present worth analysis at a MARR of 12% per year?