Lifetime Inc. wants to buy a new machine to be used in production that will replace an existing manual system. The cost of the new machine is $2,990,000. The equipment will last six years with no expected salvage value. The expected cash flows related to the implementation of the new machine is below. Lifetime Inc's required rate of return is 10% Required: a) Explain the concept of capital budgeting b) Discuss the advantages and disadvantages of non-discounted and discounted capital budgeting approaches c) Using both non-discounted and discounted capital budgeting approaches, determine if the company should replace the existing manual system with the purchase of this machine