1.City Bank upgrades its computer equipment every five years to keep up with changes in technology. Its next upgrade is two years from today and is budgeted to cost $1 000 000. Management is considering moving up the date by two years to install some new computers with a breakthrough software that could generate significant cost savings. The cost for this new equipment also is $1 000 000. What should be the savings per year to justify moving up the planned upgrade by two years? Assume a cost of capital of 15 per cent. LO 17.3