When using the total cost approach to decide whether to renovate or purchase a replacement for a machine, select the alternative with the drop item here net present value

highest

Explanation:

According to my research on the total cost approach, I can say that based on the information provided within the question you should select the alternative with the highest net present value. This is because the net present value is used to analyze the profitability of a projected investment or project. Therefore the higher value would be the best option because it would indicate a higher profitability margin on that replacement.

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