Hayden Incorporated has a number of copiers that were bought four years ago for $36,000. Currently maintenance costs $3,600 a year, but the maintenance agreement expires at the end of two years, and thereafter, the annual maintenance charge will rise to $9,600. The machines have a current resale value of $9,600, but at the end of year 2 , their value will have fallen to $5,100. By the end of year 6 , the machines will be valueless and would be scrapped. Hayden is considering replacing the copiers with new machines that would do essentially the same job. These machines cost $31,000, and the company can take out an eight-year maintenance contract for $1,800 a year. The machines would have no value by the end of the eight years and would be scrapped. Both machines are depreciated using seven-year straight-line depreciation, and the tax rate is 35%. Assume for simplicity that the inflation rate is zero. The real cost of capital is 7%. a. Calculate the equivalent annual cost, if the copiers are: (i) replaced now, (ii) replaced two years from now, or (iii) replaced six years from now. Note: Do not round intermediate calculations. Enter your answers as a positive value rounded to 2 decimal places. b. When should Hayden replace its copiers