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What is the equivalent annual cost of the tool

Question: A precision lathe costs $21,000 and will cost $31,000 a year to operate and maintain. If the discount rate is 15% and the lathe will last for 4 years, what is the equivalent annual cost of the tool? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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Accounting Basics: What is the equivalent annual cost of the tool

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