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Explain the term equivalent present worth (PW) that is used in the economic 3. a analysis of engineering projects. [4 marks 6 388 Sharmila Sdn. Bhd. is considering to automate a meat packing process. The b. machines for the automation process will save the company RM100,000 in labour annually. The machines can be purchased for RM250,000 and will have a useful life of seven (7) years. It will have a salvage value of RM40,000 at the end of the useful life. The machines will require annual TO maintenance cost of RM20,000. The minimum attractive rate of return (MARR) of the company is 10% per annum. T0 : Calculate the equivalent present worth (PW) of the above proposal. i [4 marks] Do you recommend automating the process? Justify T0 (2 marks] Estimate the internal rate of return (IRR) of the above automation i. proposal. Assess the discounted payback period of the above proposal. iv. [6 marks]