Enron's Electronics is an electronics consulting firm that is is considering the purchase of a new machine. Machine A costs $1.6 million initially, has an annual operating cost of $32,000 per year, and a life of 3 years before it is replaced. Machine B costs $1.4 million initially, has an annual operating cost of $45,000 per year and a life of 4 years before it is replaced. What is the equivalent annual cost for each machine if the required return is 15%? Ignore taxes. The operations manager is emphatic that the decision should be made based on the initial cost, only. Which machine should the company purchase?