please help with excel step-by-step (detailed) much appreciated **IMPORTANT** PLEASE MAKE SURE TO USE EXCEL WITH FORMULAS

You can continue to use your less efficient machine with an initial investment of $1,000 and a maintenance cost of $7,980 annually for the next five years. Alternatively, you can purchase a more efficient new machine for $12,000 initial cost today, plus $5,000 annual maintenance with the same FIVE years life. At a cost of capital of 15%, you should:

• A. Keep the less efficient machine and save $600 in the equivalent annual annuity.
• B. Keep the less efficient machine and save $302 in the equivalent annual annuity.
• C. Keep the old machine and save $596 in the equivalent annual annuity.
• D. Buy the new machine and save $600 in the equivalent annual annuity.
• E. Buy the new machine and save $596 in the equivalent annual annuity.

PLEASE HELP WITH EXCEL STEP-BY-STEP (IN FULL detail) much appreciated **IMPORTANT** I WANT TO LEARN