Problem 11-1 (algorithmic) Question Hel A machine costing $23,000 to buy and $3,500 per year to operate will save mainly labor expenses in packaging over five years. The anticipated salvage value of the machine at the end of five years is $7,000. Click the icon to view the interest factors for discrete compounding when i = 13% per year. (a) If a 13% return on investment (rate of return) is desired, what is the minimum required annual savings in labor from this machine? The minimum required annual savings in labor from this machine is $ 8959. (Round to the nearest dollar.) (b) If the service life is four years instead of five years, what is the minimum required annual savings in labor for the firm to realize a 13% return on investment? The minimum required annual savings in labor from this machine is $ (Round to the nearest dollar.)