It is very important that you really understand the issues in this problem well.

It is very important that you really understand the issues in this problem well. Madison optometry is considering the purchase of a new lens grinder January 1, to replace a machine that was purchased several years ago. In case you would like to know, the required rate of return on this investment is 8% and income taxes can be ignored in this problem. (a) Should Madison buy the new machine? What is the basis for your conclusion and why have you analyzed the problem the way you have?