Pettigout's Seafood Supplies is contemplating using its boat for additional duties. If it does so, then the boat will have to be replaced three years earlier than without the additional duties. The current boat will need to be replaced in seven years. If a new boat will cost $350,000, then what is the cost of using the old boat for the additional duties if the cost of capital is 8 percent?
$50,000.00
$67,225.34
$137,528.44
$350,000.00