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Five years ago a chemical plant invested $84,000 in a pumpingstation on a nearby river to provide the water required for theirproduction process. Straight-line depreciation is employed for taxpurposes, using a 30-year life and zero salvage value. During thepast five years, annual operating costs have been as follows: Maintenance $1,800 PowerandLabor $4,100 Taxesand insurance $800A nearby city has offered to purchase the pumping station for$7,000 as it is in the process of developing a city waterdistribution system. The city is willing to sign a 10-year contractwith the plant to provide the plant with its required volume ofwater for a price of $12,000 per year. Plant officials estimatethat the salvage value of the pumping station 10 years hence willbe about $28,000. The before-tax MARR is 18 % per year. Aneffective income tax rate of 50 % is to be assumed. Compare theafter-tax equivalent uniform annual cost, EUAC, of the defender(keeping the pumping station) to the challenger (sell station tothe city). To answer this problem, calculate the value of thedifference in annual costs; EUAC(challenger) – EUAC(defender).(Enter your answer as a number without the dollar $ sign.)