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Kathy and Vicky decide to open a bakery. Kathy quit her job as a receptionist, which was paying her $ 3 5 , 0 0

Kathy and Vicky decide to open a bakery. Kathy quit her job as a receptionist, which was paying her $

35, 000

a year. In order to pay for the purchase of equipment, Vicky uses her $

8, 000

savings deposit that was paying

3 %

interest per year. The implicit cost of opening the bakery is

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