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A project has an annual rate of return of 15%. The project costs $120,000, has a 5 year useful life and no salvage value. The

A project has an annual rate of return of 15%. The project costs $120,000, has a 5 year useful life and no salvage value. The annual net income EXCLUSIVE of depreciation was:

A) $47,000 B) $42,000 C) $33,000 D) $18,000

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