Welch Corporation is planning an investment with the following characteristics (Ignore income taxes.): 8 years $ 70,000 Useful life Yearly net cash inflow Salvage value Internal rate of return Required rate of return $ 0 17% 13% Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using the tables provided. The initial cost of the equipment is closest to