TD Bank is considering replacing all of its existing photocopiers in its corporate office with new ones. They can replace it with Canon, which will cost $500,000 in total. The Canon machine is more efficient and is expected to use less ink, which will result in an annual pre-tax savings of $200,000. Canon machines is expected to last 5 years before replacement is required. Alternatively, they can replace it with Toshiba, which will cost $750,000 in total. The Toshiba machine will result in an annual pre-tax savings of $230,000. Toshiba machine is expected to last 8 years before replacement is required. The cost of capital is 13% and the tax rate is 20%. There is no need to consider CCA or depreciation for this question. Should TD Bank replace all its existing photocopiers? If so, which brand should it choose?

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