The Engineering Economics class at Stevens

The Engineering Economics class at Stevens requires a solution to allow students to show their working on exams. This will serve as a temporary solution while they wait for in-person exams to resume. In person exams are not expected to resume for another 3mm. Students in the class have been presented with two temporary options. For the first option, students will be given personal lpads which they can use to electronically capture and upload their exam solutions to Canvas. This option will cost $40,000 to purchase, with an annual Apple Care (warranty) cost of $25,000. This option will result in an annual savings of $35,000 because fewer graders will be needed, and will have a salvage value of $30,000. The second option is a futuristic mind reader machine which will automatically read each students mind, and upload their thought process directly to Canvas for grading. This system will surprisingly only cost Stevens $80,000, will have annual expenses of $35,000, annual savings of$60,000 and a salvage value of $60,000. Both options will be MACRS depreciated. Question:Based on your IRR analysis, which is the best option? No partial credit is available for this question. 0 Mind Reader Option0 None of the Options0 Ipad Option 0 Both Options

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