Unequal lives: ANPV approach Evans Industries wishes to select the best of three possible machines, each of which is expected to satisfy the firm's ongoing need for additional aluminum-extrusion capacity. The three machines -A, B, and C-are equally risky. The firm plans to use a 12% cost of capital to evaluate each of them. The following table shows the initial investment and annual cash inflows over the life of each machine P12-14 Machine A Machine B Machine C $92, 000 $65, 000 $100,500 Initi nvestment (CFo) Year (t) Cash inflows (CF $12,000 12,000 12,000 12,000 12,000 12,000 $10,000 20,000 30,000 40,000 $30,000 30,000 30,000 30,000 30,000 3 6 a. Calculate the NPV for each machine over its life. Rank the machines in descending order rank the machines in descending order on the basis of ANPV would you recommend that the firm acquire? Why? n the basis of NPV b. Use the annualized net present value (ANPV) approach to evaluate and c. Compare and contrast your findings in parts a and b. Which machine