The TechEdge Corporation offers two forms of 4-year service contracts on its closed-loop water p system used in the manufacture of semicon ductor packages for microwave and high-speed digital devices. The Professional Plan has an initial fee of $50,000 with annualfees starting at $3500 in contract year 1 and increasing by $800 each year. Alternatively, the Executive Plan costs $82,000 up front with annual fees starting at $3000 in contract year 1 and decreasing by $500 each year. The initial charge is considered a setup cost for which there is no salvage value expected. Also, the company is short on cash and only has $50,000 on account and for initial fee ofsecond option, need to have a loan for $32,000 with interest rate of 5% per year (compounded annually) with payback period of 4 years. Evaluate the plans at a MARR of 9% per year.