E & A Construction must replace a piece of heavy earth moving equipment. Information concerning the three best alternatives is summarized below. If E and A has a minimum attractive rate of return (MARR) of 11%, which alternative should be chosen? Use IRR incremental analysis. First Cost Annual Operating & Maintenance Cost Annual Benefits Salvage Value Useful life Cat $52,000 $15,000 $38,000 $13,000 4 Volvo Liebherr $63,000 $105,000 $9,000 $12,000 $31,000 $37,000 $19,000 $22,000 6 12