1. You have two fishing boats to choose from. One is a $224,000 standard boat with six years of service life and a $44,000 salvage value. The other one is a $415,000 luxury boat with a life of ten years and a salvage value of $100,000. Determine which boat is the better option using the rate of 8% and annual worth analysis. Note that both of the boats are expected to generate savings of $72,567 per year and will have an overhaul cost of $5000 at the second year of their life. Don't forget to draw the cash flow diagram for this problem. (10 marks)