A small utility company is considering the purchase of a power-driven post-hole digger. The equipment costs \($8,000,\) has an estimated life of 8 years, and has a salvage value of \($1,000\) at that time. Annual maintenance costs for the digger are estimated to be 15 percent of the first cost regardless of its level of usage. Operation costs are \($40\) per day with an output rate of 25 holes per day. At present, holes are manually dug at a rate of 1.5 per day by a laborer whose marginal cost is \($11.20\) per day. Determine the break-even value in holes per year. MARR is 8 percent.