A microscopy system for material testing in ME 32 lab can be replaced with either refurbished or new system. A refurbished microscopy system has a 10 year life, and initial cost of $10,000. When the refurbished microscopy system is 7 year old, it must be repaired/maintained at a cost of $5,000 (one time cost). A new microscopy system has a life of 20 year and no repair/maintenance cost. If the annual interest rate is assumed to be 7% and the annual inflation rate is 3%, what should the initial cost of the new microscopy system be to make it economically equivalent to the refurbished microscopy system? (Hint: Use cost comparison for projects with different time periods, and you need to account for the inflation rate also.) $13254 O 15673 O 17271 O 19452