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On January 1, 20X1, PrimeCo, which uses the straight-line method, purchases a machine for $59,000 that it expects to last for 10 years; PrimeCo expects

On January 1, 20X1, PrimeCo, which uses the straight-line method, purchases a machine for $59,000 that it expects to last for 10 years; PrimeCo expects the machine to have a residual value of $8,000. What is the annual depreciation rate?

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