Mountain Corporation is considering purchasing one of two photocopiers. The first copier will have an initial cost of $8,000 and will have operating costs of $1,000 per year during its 5 year life. The second photocopier will cost $10,500 and will have $1,100 per year during its 8 year life. If the company's required rate of return is 8%, determine the equivalent annual cost of each machine. Which photocopier should the company purchase and why?

In answering these questions, you must explain to me briefly how you come to your results/conclusions. When you are using the financial calculator, make sure you list the keys you have used in proper sequence.