Managers of Concord Embroidery have decided to purchase a new monogram machine and are considering two alternative machines. The first machine costs $108,000 and is expected to last five years. The second machine costs $173,000 and is expected to last eight years. Assume that the opportunity cost of capital is 8 percent. What is the equivalent annual cost for each system? Which machine should Concord Embroidery purchase?Do not round intermediate calculations. Round final answers to 2 decimal places, e.g. 2.75.)