9-2. An existing robot can be kept if $2,000 is spent now to upgrade it for future service requirements. Alternatively, the company can purchase a new robot to replace the old robot. The estimates shown in Table P9-2 have been developed for both the defender and the challenger. The companys before-tax MARR is 20% per year. Based on this information, should the existing robot be replaced right now? Assume the robot will be needed for an indefinite period of time

TABLE P9-2 Estimates for Problem 9-2 \begin{tabular}{lrlr} Defender & & Challenger \\ \hline Current MV & $38,000 & Purchase price & $51,000 \\ Required upgrade & $2,000 & Installation cost & $5,500 \\ Annual expenses & $1,400 & Annual expenses & $1,000 \\ Remaining useful life & 6 years & Useful life & 10 years \\ MV at end of useful life & $1,500 & MV at end of useful life & $7,000 \end{tabular} TABLE P9-2 Estimates for Problem 9-2 \begin{tabular}{lrlr} Defender & & Challenger \\ \hline Current MV & $38,000 & Purchase price & $51,000 \\ Required upgrade & $2,000 & Installation cost & $5,500 \\ Annual expenses & $1,400 & Annual expenses & $1,000 \\ Remaining useful life & 6 years & Useful life & 10 years \\ MV at end of useful life & $1,500 & MV at end of useful life & $7,000 \end{tabular}