please solve this question by using excel format. thanks

8-38 The New England Soap Company is considering adding some processing equipment to the plant to aid in the removal of impurities from some raw mate rials. By adding the processing equipment, the firm can purchase lower-grade raw material at reduced cost and upgrade it for use in its products Four different pieces of processing equipment with 20-year lives are being considered: A D C Initial investment $10,000 $18,000 25,000 $30,000 Annual saving in 4,000 6,000 7,500 9,000 materials costs Annual operating 3,000 4,000 2,000 3,000 cost The company can obtain a 15% annual return on its investment in other projects and is willing to invest money on the processing equipment only as long as it can obtain 15% annual return on each increment money invested. Which one, tives should be selected? Use a challenger-defender rate of return analysis. of if of the alterna- any