j&e fine wines recently purchased a new grape press for $150000. The annual operating and maintenance costs for the press are estimated to be $7500 the first year. These costs are expected to increase by $2200 each year after the first. The market value is expected to decrease by $25000 each year to a value of zero. Installation and removal of a press each cost $5000. Using an interest rate of 8%, determine the economic life of the press.