$1.$ A backhoe$/$loader with a Diesel engine of $240$ hp was purchased for $$232,480.$ It isused $1,200$ hours per year and has a useful life of $8$ years. It has a crankcase with acapacity of $6$ gallons. The time between oil changes is $120$ hours. Assume anoperating factor of $45\%.$ Diesel fuel and lubricating oil costs are $$2\mathrm{.}73$ per gallonand $$8\mathrm{.}00$ per gallon, respectively.a$)$ Determine the probable cost per hour for owning and operating this backhoeusing the standard approach $($straight$-$line depreciation, no salvage value$)$b$)$ Determine the probable cost per hour for owning and operating this backhoeusing the PSSS approach. Assume the estimated salvage value after $8$ years is$$18,000,$ the annual cost of maintenance and repairs equals $75\%$ of annualdepreciation, tax$-$insurance$-$tax cost is $10\%$ of average value, no major repairsare anticipated, the company is tax$-$exempt, and i $=6\%.$