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A tractor was purchased for $47182 and at the bank inerest rate of 5.48% per year. The residual value of the tractor was 5.48% of

A tractor was purchased for $47182 and at the bank inerest rate of 5.48% per year. The residual value of the tractor was 5.48% of the puchase value at the end of useful life of 10 years. Calculate the interest cost of the tractor. $_____/year.

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