1. i)Machinery costs $1 million today and $100,000 per year to operate.It lasts for 8 years.What is the equivalent annual annuity if the discount rate is 9%?Enter your answer in dollars and round to the cent.Remember that costs are negative cash flows; so,include the negative sign.

ii) Compute the modified internal rate of return for the following cash flows using a discount rate of 11%:

Period 0: -1975

Period 1: 696

Period 2: 792

Period 3: 615

Enter your answer in percent and round to the nearest 0.01%.