A water pump to be used by the citys maintenance department costs $10,000 new. A running-in period, costing $1000 immediately, is required for a new pump. Operating and maintenance costs average $500 the first year, increasing by $300 per year there-after. The salvage value of the pump at any time can be estimated by the declining-balance rate of 20%. Interest is 10%. Using a spreadsheet, calculate the EAC for replacing the pump after one year, two years, etc. How often should the pump be replaced? [Show sample calculations of EAC after 10 years]