Direction Please read the questions carefully. Please draw the cash flow diagrams and explain the steps that you are going to approach to solve the problems then solve the problem. Show the details in solving the problems. Missing Cash Flow Diagram is deductible points equal to 20% of the total points for each question 1) The TechEdge Corporation offers two forms of 4-year service contracts on its closed-loop water purification system used in the manufacture of semiconductor packages for microwave and high-speed digital devices. The Professional Plan has an initial fee of $52,000 with annual fees starting at $1000 in contract year 1 and increasing by $500 each year. Alternatively, the Executive Plan costs $62,000 up front with annual fees starting at $5000 in contract year 1 and decreasing by $500 each year. The initial charge is considered a setup cost for which there is no salvage value expected. Evaluate the plans at a MARR of 9% per year. 2) NMTeX Oil company owns several gas wells in Carlsbad, NM. Income from the depleting wells has been decreasing according to an arithmetic gradient for the past five years. If the income in year 1 from well no. 24 was $390,000 and it decreased by $15,000 each year thereafter, (a) what was the income in year 3, and (b) what was the equivalent annual worth of the income through year 5 at an interest rate of 10% per year