A drill press is purchased for $12,000. It is anticipated that its market value at the end of any year will be 16% less than its market value at the end of that year. In other words, its market value is reduced by 16% each year. The repair costs are covered by the warranty in Year 1. However, the repair cost in Year 2 is $500 and increases by $500 each year. This machining company has an MARR of 15%. State below the following: What is the minimum EUAC (to the closest dollar) of this drill press? What is its economic life (in years)?