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An electronic device is available that will reduce this year's labor costs by $8,000. The equipment is expected to last for eight years. If labor

An electronic device is available that will reduce this year's labor costs by $8,000. The equipment is expected to last for eight years. If labor costs increase at an average rate of 8% per year and the interest rate is 10% per year, what is the maximum amount that we could justify spending for the device?

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