Hayden Inc. has a number of copiers that were bought four years ago for $23,000. Currently maintenance costs $2,300 a year. butthe maintenance agreement expires at the end oftwo years, and thereafter, the annual maintenance charge will rise to $8,300. The machines have a current resale value of $8,300, but at the end of year 2, their value will have fallen to $3,800. By the end of year 6, the machines will be valueless and would be scrapped. Hayden is considering replacing the copiers with new machinesthat would do essentially the samejob. These machines cost $28000. and the company can take out an eightyear maintenance contract for $1,400 a year. The machines would have no value by the end ofthe eight years and would be scrapped. Both machines are depreciated using sevenyear straightline depreciation, and the tax rate is 40%. Assume for simplicity that the ination rate is zero. The real cost of capital is 7%. a. Calculate the equivalent annual cost, ifthe copiers are: {i} replaced now, (ii) replaced two years from now, or (iii) replaced six years from now. [Do not round intermediate calculations. Enter your answers as a positive value reu nded to 2 decimal places.) 6 Answer is complete but not entirely correct. Equivalent Annual Cost (i) Replaced now 8 13,351.??? 6 {ii} Replaced two years from now 8 15,526.05 0 (iii) Replaced six years from now 8 21,492.?0 9