The Sleek Ring Company$,$ a leading producer of fine cast silver$$ jewelry, is considering the purchase of new casting equipment that will allow it to expand its product line. The$$ up$-$front cost of the equipment is $ $697$ comma $000.$ The company expects that the equipment will produce steady income throughout its $12-$year life.$$

a$.$ If Sleek Ring requires a $9\%$ return on its$$ investment, what minimum yearly cash inflow will be necessary for the company to go forward with this$$ project?

b$.$ How would the minimum yearly cash inflow change if the company required a $14\%$ return on its$$ investment?

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Part $1$

a$.$ If Sleek Ring requires a $9\%$ return on its$$ investment, the minimum yearly cash inflow will be $$$

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enter your response here. $($Round to the nearest$$ cent.$)$