8. Consider a machine that yields productive services of $1000 at the beginning of each year for four years after it is purchased, and then is no longer productive, but can be sold in the fourth year for its salvage value of $500. Also, under a special tax law its entire price can be deducted in the year it is purchased. The corporation that will purchase it has a marginal tax rate of 50 percent. Assume the interest rate now and in the future is 4 percent. Use the arbitrage condition discussed in the chapter on taxation at pp. 289-292 to decide what its price will be