A company is planning to replace an equipment whose first cost is Z 1,00,000. The operating and maintenance cost of the equipment during its first year of operation is ! 10,000 and it increases by ! 2000 every year thereafter. The resale value of the equipment at the end of the first year of its operation is ! 65,000 and it decreases by ! 10,000 every year thereafter. Find the economic life of the equipment by assuming the interest rate as 12%.

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