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Louie's Laundry is looking to buy some new washing machines.Two types are being considered. Shrinker 1st Cost: $1400 Useful Life: 8 years Salvage value: $250

Louie's Laundry is looking to buy some new washing machines.Two types are being considered.

Shrinker

1st Cost: $1400

Useful Life: 8 years

Salvage value: $250

Eco-Water

1st Cost: $1700

Useful Life: 12 years

Salvage value: $500

With an 8% interest rate, based on cost, which washing machine would you recommend?Justify your answer.

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