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3. Consider a firm that purchased an equipment for $227,219 and incurred an additional $37,896 for shipping and installation. What will be the annual depreciation

3. Consider a firm that purchased an equipment for $227,219 and incurred an additional $37,896 for shipping and installation. What will be the annual depreciation expense if the equipment is expected to last 8 years and have a salvage value of $2,937 (using straight-line depreciation)? round your answer to two decimals

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