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A precision lathe costs $26,000 to buy (in year 0) and will cost $36,000 a year to operate and maintain (year 1 to year 5).

A precision lathe costs $26,000 to buy (in year 0) and will cost $36,000 a year to operate and maintain (year 1 to year 5). If the discount rate is 10% and the lathe will only last for 5 years, what is the equivalent annual cost of the tool?

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