Question 1 (5 points) XYZ Construction, Inc. has asked you to help them select a new backhoe. You have a choice between a Caterpillar one, which costs $55,000 and will save the company $6,000 annually, and a John Deere one, which costs $68,000 and will save the company $7,500 annually. Both machines can be sold at 30% of their original cost after 8-years of useful life. Given the interest rate is 3%, using the NPV analysis to determine which of the backhoe should be purchased