A granary purchases a conveyor used in the manufacture of grain for transporting, filling, or emptying. It is purchased and installed for $64,000 with a market value for salvage purposes that decreases at a rate of 20% per year with a minimum of value $2,950. Operation and maintenance is expected to cost $13,800 in the first year, increasing $1,000 per year thereafter. The granary uses a MARR of 15%. What is the optimum replacement interval for the conveyor? 3 years. Click here to access the TVM Factor Table Calculator For calculation purposes, use 5 decimal places as displayed in the factor table provided