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The machine has an expected useful life of 16 years

Question - General Hospital is planning to add a new diagnostic machine which should improve its quality of certain blood tests. The machine under consideration has a cost of $80,416 and is expected to save the hospital $7,420 each year. The machine has an expected useful life of 16 years.

Calculate the internal rate of return on the diagnostic machine.

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Accounting Basics: The machine has an expected useful life of 16 years

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