9. 13.31 Cheryl, a CVE student who is working on an ISE minor, is studying depreciation and taxes in her engineering management course. The assignment is to demonstrate (1) that shorter recovery periods require the same total taxes as longer periods, and (2) that PWtax is lower for shorter recovery periods. Help her demonstrate these two facts using these estimates developed for one asset and a 6-year study period: P = $65,000; S = $5000 whenever it is sold; GI = $32,000 per year; AOC = $10,000 per year; SL = depreciation; MARR = 12% per year; and Te = 31%. The recovery period can be either 3 or 6 years. Solve using

(a) equations, and

(b) a spreadsheet.