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A piece of equipment costing $18,000 has a probable life of 12 years and a salvage value of $12,400. Using the sinking fund method and

A piece of equipment costing $18,000 has a probable life of 12 years and a salvage value of $12,400. Using the sinking fund method and 5% interest the annual contribution is most nearly:

  1. $900
  2. $980
  3. $1,050
  4. $1,190

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