Calculate the Equivalent Annual Cost $($EAC$)$ for the following scenario:

A company is considering purchasing a new machine. There are two options: Option $1$: Machine A has an initial cost of $$7000$ and will require annual maintenance of $$2000.$ Its expected lifespan is $5$ years. Option $2$: Machine B costs $$10000$ upfront but only needs $$800$ in annual maintenance. Its expected lifespan is $8$ years. Assuming a discount rate of $0\mathrm{.}06,$ which machine should the company choose based on the lowest Equivalent Annual Cost? What is the EAC for machine A What is the EAC for machine B