Apricot Computers is considering replacing its material handling system and either purchasing or leasing a new system. The old system has an annual operating and maintenance cost of $32,000, a remaining life of 8 years, and an estimated salvage value of $5,000 at that time. A new system can be purchased for $250,000; it will be worth $25,000 in 8 years; and it will have annual operating and maintenance costs of $18,000/year. If the new system is purchased, the old system can be traded in for $20,000. Leasing a new system will cost $26,000/year, payable at the beginning of the year, plus operating costs of $9,000/year, payable at the end of the year. If the new system is leased, the old system will be sold for $10,000. MARR is 15%. Compare the annual worths of keeping the old system, buying a new system, and leasing a new system based upon a planning horizon of 8 years. Use the cash flow approach. Use the opportunity cost approach