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. (FV of $1. PV of Si FVA of $1 and PVA of $.1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) 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 Total Cost Camera 1 Camera 2