Create an Excel spreadsheet exclusively of your own creation that addresses this capital budgeting problem. Your firm is considering the replacement of its company-wide telephone system. The phone system is necessary and "doing without" is not an option. An entirely new system will cost $45,000 and have annual (pre-tax) maintenance costs of $1,250. The expected life of the new system is 20 years, and the expected pre-tax salvage value is $5,000. If you buy the new system, you will capitalize and depreciate it over 20 years straight line to $5,000. The existing system will last at least another 5 years and has expected costs as shown: If we pull the trigger on the new system today, we can avoid the $2,000 maintenance cost shown in the Year O column as well as collect $9,000 after tax resale value on the existing equipment. When (if ever) should the firm replace the existing equipment? The appropriate discount rate is 15 percent. Some hints to consider: 1. Calculate the Equivalent Annual Cost of the new system. 2. Calculate the cost of keeping the old system around for one more year. 3. Compare the two and pick the lower. IF you decide not to buy the new phone system in 2023 , repeat the analysis for 2024 et cetera