A textile processing company is evaluating whether it should retain the current bleaching process that uses chlorine dioxide or replace it with a proprietary oxypure process. The relevant information for each process is shown. Use an interest rate of 15% per year to perform the replacement study. Additionally, write the PMT functions that display the information necessary to make the decision.

Process Current ure Original cost 6 years ago, $ Investment cost now, $ 450,000 600,000 Current market value, $ 25,000 Annual operating cost, $/year Remaining life, years Salvage value, $ 70,000 190,000 3 10 50,000