Question Joes machining is looking at a machine to add to his business. He has received the following quotes Salvage Value Machine Initial cost $40,000 $400,000 Annual operating cost Cycle time $20,000 3 minutes $15,000 2.5 minutes $12,000 2 minutes $55,000 $500,000 $600,000 $75,000 You need to make 40,000 pieces per year. Your hourly labor cost is $20.00 per hour. Using 7% cost of money and a 5 year time span which machine offers the lowest annual piece cost. If you expect 20 points I need to see the detailed cost of each machine as well as the cost per piece with each piece of equipment - You do not need to worry about the effects of depreciation or taxes. Show all work in a professional manner so I can present to the President of the company without changing it. You decide how you want to present the data. If it's a hand written mess I don't want it. It will be graded as follows 5 points for presentation 4 points each machine/part cost accuracy 3 points making correct recommendation