Managers of Coronado Embroidery have decided to purchase a new monogram machine and are considering two alternative machines. The first machine costs $114,000 and is expected to last five years. The second machine costs $182,000 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? (Do not round intermediate calculations. Round final answers to 2 decimal places, e.g. 2.75.) Equivalent Annual Cost First machine $ Second machine $ Which machine should Coronado Embroidery purchase? Coronado Embroidery should purchase the machine.