A currently owned pressing machine was bought for $200,000 four years ago by a company. This machine can be sold now for $40,000. If it is, however, kept, it can be remained functional for two more years, and its operating and maintenance cost will be $12,000 in year 1 and $14,000 in year 2. It can be sold for $16,000 at the end of the second year. There is a replacement option that will cost the company $150,000. If this machine is kept for three years and then sold, its market value is $40,000, and if it is sold after five years, it can be sold for $10,000. The annual operating cost of this machine is $15,000 per year. At i = 5% per year, perform a replacement study and determine whether the current machine (defender) should be retained or replaced, and if retained, after how many years to be replaced. A currently owned pressing machine was bought for $200,000 four years ago by a company. This machine can be sold now for $40,000. If it is, however, kept, it can be remained functional for two more years, and its operating and maintenance cost will be $12,000 in year 1 and $14,000 in year 2. It can be sold for $16,000 at the end of the second year. There is a replacement option that will cost the company $150,000. If this machine is kept for three years and then sold, its market value is $40,000, and if it is sold after five years, it can be sold for $10,000. The annual operating cost of this machine is $15,000 per year. At i = 5% per year, perform a replacement study and determine whether the current machine (defender) should be retained or replaced, and if retained, after how many years to be replaced