Faced with rising pressure for a

$ 16$16

per hour minimum wage rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. The

Field FriendField Friend

is one such robot; its job is to thin out a field of lettuce, removing the least promising buds of lettuce. By removing these weaker plants, the stronger lettuce plants have more room to grow. Assume the following facts:

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While the

Field FriendField Friend

itself may be in workable condition for up to five years, assume that the farm would view its implementation as a one-year experiment.

Requirement

Perform a cost-benefit analysis for the first year of implementation to determine whether the

Field FriendField Friend

would be a financially viable investment if the minimum wage is raised to

$ 16$16

per hour. (Round your answers to the nearest whole dollar.)