A manufacturing company has been researching about producing a new product. There are three different products available to manufacture: Product 1 for $500 per unit, Product 2 for $650 per unit, and Product 3 for $750 per unit. There are also three different machines which have the capability to produce any of the products. The annual O&M associated with each machine is the same for all three products. The effective life of all these machines is the same and it is 4 years. Use the present equivalent method and identify which machine should be selected for production based on Laplace criterion, Maximin, Maximax, and Hurwicz with a = 0.6. Interest rate is 8%. (30pt) Annual Production Rate Initial Cost ($) Annual O&M Product Product Product Cost ($) 1 2 3 Machine 1 80K 12K 120 105 90 Machine 2 110K 10K 110 100 95 Machine 3 150K 5K 110 100 90 The following tables are provided for your convenience. Use of Excel is highly recommended for this problem. Product 1 ($) Product 2 ($) Product 3 ($) Machine 1 Machine 2 Machine 3 Laplace Maximax Maximin Hurwicz (a=0.60) M1 M2 M3 Decision