Diamond Manufacturing is analyzing two options to acquire a needed piece of machinery. Machine 1 will cost $25,500 plus an annual maintenance fee of $1,500 per year for four years. Machine 2 will cost $23,500 with maintenance being an add-on charge. The estimated cost of maintenance is $2,000 the first and second year and $3,000 the third year and the fourth year. Assume the purchase cost is paid the same day as buying the machinery, but that maintenance is paid for at the end of each year. Interest is at 8%. Ignore income taxes and residual values Required: Determine which machine should be chosen based on present value considerations. (If you simply answer Machine 1 or Machine 2 without any numbers you will not get credit. Show your calculations.)