Jack Bailey owns an automobile cleaning and detailing business. Three years ago, the business purchased cleaning equipment for \($10,000.\) Jack recently discovered new cleaning equipment that would cut cleaning time in half while maintaining the same level of effectiveness. The new equipment costs \($14,000,\) and the old equipment could be sold for \($2,000.

Required

a. Is the cost of the old equipment relevant to this decision? Explain.

b. Is the current value of the old equipment on the open market relevant to this decision? Explain.