Hollywood Tabloid needs a new state-of-the-art camera to produce its monthly magazine. The company is looking at two cameras that are both capable of doing the job and has determined the following: Camera 1 costs $5,500. It should last for eight years and have annual maintenance costs of $300 per year. After eight years, the magazine can sell the camera for $350. Camera 2 costs $5,000. It will also last for eight years and have maintenance costs of $850 in year three, $900 in year five, and $1,000 in year seven. After eight years, the camera will have no resale value. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of \$1, PV of \$1, FVA of \$1, and PVA of \$1) Required: 1-a. Assume that an interest rate of 8% properly reflects the discount rate in this situation and that maintenance costs are paid at the end of each year. Determine the total cost of cameras. 1-b Which camera should Hollywood Tabloid purchase? Complete this question by entering your answers in the tabs below. Assume that an interest rate of 8% properly reflects the discount rate in this situation and that maintenance costs are paid at the end of each year. Determine the total cost of cameras