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 $4,800. It should last for eight years and have annual maintenance costs of $240 per year. After eight years, the magazine can sell the camera for $280. Camera 2 costs $4,300. It will also last for eight years and have maintenance costs of $780 in year three $900 in year five, and $1,000 In yeat seven After eight years, the camera will have no resale value (EVS1 PV of S1, EVA of S1, and PVA of S1 (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Required: 1.a. Assume that an interest rate of 10% property 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 Total Cost Camera Camera 2 1.b. Which camera should Hollywood Tabloid purchase? Camera 2 Camera 1