Managers of Sunland Embroidery have decided to purchase a new monogram machine and are considering two alternative machines. The first machine costs $88,000 and is expected to last five years. The second machine costs $141,000 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 Sunland Embroidery purchase?