Ashley Foods, Inc. has determined that any one of five machines can be used in one phase of its chili-canning operation. The costs of the machines are estimated, and all machines are expected to have a 4-year useful life. If the minimum rate of return is 6% per year, which machine should be selected on the basis of a rate of return analysis? The do nothing alternative is not an option. Machine First Cost, $ Annual operating cost, $/year 1 -31,000 -16,000 2 -29,000 -19,300 3 -34,500 - 17,000 4 -49,000 -12,200 5 -41,000 -15,500 Notes: The Do-nothing alternative is not viable, as the company must invest. Your analysis must be an IRR analysis or no credit will be given