$7-74$A contractor is considering whether to buy or lease a new machine for her layout site work. Buying a new machine will cost $$12,000$ with a salvage value of $$1200$ after the machine's useful life of $8$ years. On the other hand, leasing requires an annual lease payment of $$3000.$ Assuming that the MARR is $15\%$ and on the basis of an internal rate of return analysis, which alternative should the contractor be advised to accept? The cash flows are as follows:$-$ Anusha $($DM$)-$ VaidiQnAGuide Me$?$Year $($n$)$Alt$.$ A $($buy$)$Alt$.$ B $($lease$)0$A $-$$$12,000-$$$3000-30002-3000-3000-30004$S $3000$