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Equipment was purchased 20 year ago for $500,000. The annual operating cost of the equipment has been $100,000 per year in each of years 1

Equipment was purchased 20 year ago for $500,000. The annual operating cost of the equipment has been $100,000 per year in each of years 1 to 20. What is the total annual cost of the equipment assuming at an interest rate of 15% per year compounded annually it the equipment has no salvage value? Treat all numbers as positive values.

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