You are presented with three proposals to invest in a corporate-wide printing/copying system. Whichever system you choose, they both support the same recurring revenue. You can assume you can replace the printing/copying system at the end of the useful life. 5 Cash Outflows ($M) Date 0 1 2 | 3 4 Ricoh 10 4 4 4 4 Canon 96 66 Xerox 6 7.5 7 7 7.5 7.5 10 Ricoh initially costs $10M with recurring expenses of $4M per year over 4 years. Canon initially costs $9M with recurring expenses of $6M per year over 3 years. Xerox initially costs $6M with expenses that varies over 5 years as above. At a discount rate of 8% which proposal would you choose? Please show your calculations. Assume end of year cash flows except for date 0 (i.e. date 0 represents "today")