Five years ago, Jaguar Manufacturing installed production machinery that had a first cost of \$25,000. At that time, initial yearly costs were estimated at \$3,000, increasing by 10\% each year. The market value of this machinery each year would be 70\% of the previous year's value. There is a new machine available now that has a first cost of \$26,800 and no yearly costs over its 5-year minimum cost life. If Jaguar uses an 8\% before-tax MARR, when, if at all, should Jaguar replace the existing machinery with the new unit? Why? (30 points)