The manufacturing manager is evaluating alternatives to acquire a new machine for the workplace. The current options are:

Option A: Purchase the machine for $$20,000.$ The equipment is expected to have a lifespan of $10$ years and could be sold for $$1,200$ at the end of that period.

Option B Leasing: The leasing option involves an annual payment of $$3,500$ for the use of the equipment, and it is simply returned to the owner at the end of the lease.

Maintenance and benefit costs are the same for both alternatives.

Evaluate the options using Net Present Value, Equivalent Annual Annuity, and Internal Rate of Return. Use a Minimum Acceptable Rate of Return $($MARR$)$ of $8\%.$