3. A piece of new equipment has been proposed by engineers to increase the productivity of a certain manual welding operation. The investment cost is $25,000, and the equipment will have a market value of $5,000 at the end of a study period of six years. Increased productivity attributable to the equipment will amount to $8,000 per year after extra operating costs have been subtracted from the revenue generated by the additional production. 3-1. (2 points) If the firm's MARR is 20% per year, is this proposal a sound one? Use the PW method. Pw(209%)=8000(p/a=20%,5)+5000(p/f=20%)-2500 =934.295 20%>Q its justified3-2. (2 points) Evaluate the IRR of the proposed equipment. Is the investment a good one