7. Consider a piece of equipment that initially costs $8,000 and has these estimated annual expenses and market values for 8 years (as shown in Table 1). If this equipment is depreciated as a MACRS (GDS) five year-property class asset, the effective income tax rate is 30%, and the after-tax MARR is 6%, show the EUAC of this asset for each year and determine its economical life? (20%) Table 1 EOY, k Annual Expenses MV at EOY -$3,000 $4.700 2 -3,000 3.200 -3.500 2,200 -4.000 1.450 -4.500 950 -5,250 600 -6.250, 300 -7,750 0