Space X purchased a new vertical lathe for $100,000. The expected life of the equipment is 5 years. It is expected to create $35,000 worth of savings at the end of the first year. Then the annual savings are expected to decrease by 3% each subsequent year over the previous year due to the increased maintenance costs. This machine is expected to operate for 3,000 hours per year and it would have no appreciable salvage value at the end of its expected life. What are the annual savings per hour at 14% interest compounded annually? Show your equation with numbers plugged in the factors, and for annual savings decrease, use the geometric gradient factor. Also, show your numerical result