Now Irving Ship Building needs to buy a piece of welding equipment for their shipyard. The deluxe

model costs $$15,000$ and will require $$250$ per month to operate and maintain in good working order.

When it is obsolete in $10$ years, it can be sold to a recycling company for parts for $$3,000.$ The regular

model costs $$13,000$ and will require $$400$ per month to operation and maintain in good working

order, but it is not expected to have any salvage value when it becomes obsolete in $10$ years. Assume

Irving uses a discount rate of $8\%,$ compounded monthly, which model should they buy?