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An automatic process controller will eliminate the current manual control operation. Annual cost of the current method is $3,000. If the controller has a service

An automatic process controller will eliminate the current manual control operation. Annual cost of the current method is $3,000. If the controller has a service life of 7 years and an expected market value of 16% of the first cost, what is the maximum economical price (in dollars) for the controller? Ignore interest

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