A machine has an initial cost of 40000 and operating costs, Financial Management

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A machine has an initial cost of 40000 and operating costs

A machine has an initial cost of $40,000 and operating costs of $3500 each year. Its salvage value decreases by $4,000 each year. The machine is now 4 years old. Assuming an effective annual interest rate of 12%, what is the cost of owning and operating the machine for one more year?

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Financial Management: A machine has an initial cost of 40000 and operating costs

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Financial Management: A machine has an initial cost of 40000 and operating costs

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