3 The company's hydraulic pump has broken down and you have either an option to repair the current hydraulic pump press or trade in the old pump and purchase a brand new hydraulic pump: Option 1 - Repair: The current pump would cost 50,000 to repair and press costs $2,500 to operate each month and can operate for another Option 2-Purchase New: Sell the old hydraulic pump above and purchase a new press for $175,000, which costs $1,200 to operate each month for the next 12 years and can be sold for $15,000 at the end of 12 years. Which option would you pick? Assume an annual interest rate of 6.5%