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A precision lathe costs $11,700 and will cost $28,500 a year to operate and maintain. If the discount rate is 11% and the lathe will

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A precision lathe costs $11,700 and will cost $28,500 a year to operate and maintain. If the discount rate is 11% and the lathe will last for 5 years, what is the equivalent annual cost of the tool? (Enter your answer as positive value. Round your answer to 2 decimal places.)

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