There are two alternatives P,M. With 15% MARR under 20 years study period, which alternative should be chosen based on the following conditions and why ?

For P, initial cost is $14k, yearly cost is $14k, Salvage is $8k and useful life is calculated as 5 years.

For M, initial cost is $65k, yearly revenue is $9k, Salvage is $13k and useful life is calculated as 20 years.