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A new engine was installed by a textile plant at a cost of P392,000 and projected to have a useful life of 13 years. At

A new engine was installed by a textile plant at a cost of P392,000 and projected to have a useful life of 13 years. At the end of the useful life, it is estimated to have a salvage value of 47,000. Determine the annual cost of interest is 14% compounded semi-annually. Express your answer in whole numbers.

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