### What is the equivalent annual cost of owning the truck

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A delivery truck costs \$30,000 and has a salvage value of \$5,500 after 6 years. Maintenance and operating costs are \$8,500 for the first year and are expected to increase at 6% per year. What is the equivalent annual cost of owning and operating the truck for 6 years? Use 5.0% for the interest rate.

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