A company is evaluating two machines that will provide the same returns to the company. The cost of machine

$1$ is $$120,000$ with annual maintenance of $$8,000$ and $5$ years useful life. Machine $2$ has a cost of $$90,000$ with

annual maintenance of $$15,000$ and $3$ years useful life. The machines will be replaced with another machine of

equal value at the end of the lifespan. Using a rate of $8\%$ p$.$a; $($i$)$ calculate the equivalent annual cos