Insulation is to be installed onto a machine part. The following are the three alternatives available. After the initial installation, if the insulation fails in any future year it is replaced by an identical one at a cost equal to the initial installation cost. The probabilities of failure in any year are given in the table Initial Replacement cost anytime Probability of failure in 2 inches 3 inches 6 inches $500 $800 $1,200 $500 $800 1,200 29.9% 16.7% 7.71% If the analysis period is infinte, calculate the expected capitalized cost of each alternative and determine the most economical one. The MARR is 8% per year The expected capitalized costs are For the 2-inch insulation: (round to the nearest dollar) For the 3-inch insulation: $(round to the nearest dollar) For the 6-inch insulation: $(round to the nearest dollar) The most economical insulation thickness is OA, 6-inch insulation OB, 2-inch insulation O C. 3-inch insulation