The Iron Bank of Braavos must purchase an asset categorized as a 3-year property class for MACRS depreciation. After-tax MARR for the Iron Bank of Bravos is 25%. Assume a combined federal/state tax rate of 24%. The asset can receive a 90% Bonus Depreciation in year o and follows MACRS depreciation afterwards. Three alternatives are available to the Iron Bank of Braavos for this acquisition: Alternative 1: Purchase cost $10K, maintenance cost $1K, salvage value $10K. Alternative 2: Purchase cost $11K, maintenance cost $5K, salvage value $7K. Alternative 3: Purchase cost $10K, maintenance cost $2K, salvage value $9K. Salvage value occurs in year 5. Question: Which brand would you recommend to the Iron Bank of Bravos based on a Present Worth analysis? Hint: 3-year property MACRS depreciation: 0.3333 in year 1, 0.4445 in year 2, 0.1481 in year 3, and 0.0741 in year 4. [P/F,25%,1] = 0.8, [P/F,25%,2] = 0.64, [P/F,25%,3] = 0.512, [P/F,25%,4] 0.4096, [P/F,25%,5) = 0.3277. Alternative 3, PW = -16001.2 Alternative 2, PW = -7371.82 O Alternative 1, PW = -4835.73 O Alternative 2, PW = -14286.48