An industrial firm uses an economic analysis to determine which of two different machines to purchase. Each machine is capable of performing the same task in a given amount of time. Assume the minimum rate of return is 8%. a) What is the approximate equivalent uniform annual cost of Machine X? (4 Points) b) What is the approximate equivalent uniform annual cost of Machine Y? (4 Points) c) Which, if either, of the two machines should the firm choose and why? (2 Points) Please note that this is a 3 answer question. An industrial firm uses an economic analysis to determine which of two different machines to purchase. Each machine is capable of performing the same task in a given amount of time. Assume the minimum rate of return is 8%. a) What is the approximate equivalent uniform annual cost of Machine X? (4 Points) b) What is the approximate equivalent uniform annual cost of Machine Y? (4 Points) c) Which, if either, of the two machines should the firm choose and why? (2 Points) Please note that this is a 3