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A precision lathe costs $13,500 and will cost $22,000 a year to operate and maintain. If the discount rate is 14% and the lathe will

A precision lathe costs $13,500 and will cost $22,000 a year to operate and maintain. If the discount rate is 14% 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 the nearest cent.

The equivalent annual cost $

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