Eddie$$s Precision Machine Shop is insured for $$700,000.$ The present yearly insurance premiums $($i$.$e$.,$ what the shop pays for insurace coverage$)$ is $$0\mathrm{.}98$ per $$100$ of coverage. A sprinkler system for fire protection with an estimated life of $20$ years and no salvage value can be installed for $$21,000.$ Annual maintenance costs for the sprinkler system are estimated at $$390.$ If the sprinkler system is installed, the system must be included in the shop$$s value for insurance purposes, but the insurance premium will reduce to $$0\mathrm{.}36$ per $$100$ of coverage. Eddie uses a MARR of $10\%$ per year.

a$)$ What is the present value of the investment?

b$)$ What is the annual equivalent value of the investment?