A firm installed a piece of equipment having the following cost data: investment cost: $77,000 salvage value: $5,000 economic life: 8 years annual maintenance cost $7,300 After the equipment had been in operation for 5 years it was proposed that the equipment be improved immediately to extend its life by two years, reduce annual maintenance to $5,000 for the remaining life, and increase the salvage value to $7,500. If the minimum acceptable rate of return is 10%, what is the maximum amount the firm should pay for this improvement? Hint: Use the equivalent annual cost method to do your analysis. Assume a four-year study period. And be sure to state your assumptions