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A company reviews the status of heavy equipment at the end of each year, and a decision is made either to keep the equipment an extra year or to replace it. However, equipment that has been in service for 3 years must be replaced. The company wishes to develop a replacement policy for its fleet over the next 10 years. The following table provides the pertinent data. The equipment is new at the start of year 1. Salvage value ($) for given Maintenance cost($) for given age (yr) age (yr) 0 1 2 1 2 3 500 600 550 Purchase (yr) 1 2 3 4 5 6 7 8 9 10 Purchase price $ 10,000 12,000 13,000 13,500 13,800 14,200 14,800 15,200 15,500 16,000 200 250 280 320 350 390 410 430 450 500 650 590 620 600 670 700 710 600 680 600 700 630 700 620 700 730 720 9,000 11,000 12,000 12,000 12,000 12,500 13,500 14,000 15,500 15,800 7,000 9,500 11,000 11,500 11,800 12,000 12,900 13,200 14,500 15,000 5,000 8,000 10,000 11,000 11,200 11,200 11,900 12,000 13,800 14,500 Develop an optimal replacement policy for the fleet of this Company over the next 10 years