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3) A firm owns a machine that it is contemplating replacing. The old machine has annual operating and maintenance expenses of $40,000 per year and it can be kept for seven more years, at which time it will have a market value of $6,000. It is believed that $20,000 could be obtained for the old machine if it were sold now. A new pressure vessel can be purchased for $160,000. The new machine will have a market value of $70,000 in seven years and will have annual operating and maintenance expenses of $10,000 per year. Using a before-tax MARR of 19% per year, determine whether the old machine should be replaced or not. (15 p.)