What is the equivalent annual cost of the tool

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Question: A precision lathe costs $14,000 and will cost $24,000 a year to operate and maintain. If the discount rate is 12% and the lathe will last for 3 years, what is the equivalent annual cost of the tool? (Do not round intermediate calculations. Round your answer to 2 decimal places. Enter your answer as a positive value.) The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132048087

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