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A new machine has an initial cost today of $14,000 and an annual cost of maintenance of $3,000 at the end of each year for

A new machine has an initial cost today of $14,000 and an annual cost of maintenance of $3,000 at the end of each year for the next 10 years. If the discount rate is 9%, what is the equivalent annual cost of the machine?

Enter your answer as a number rounded to 2 decimal places. An answer of 23.456 would be entered as 23.46.

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