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Michigan Techs Athletic Department is considering the purchase of a new Zamboni for the ice rink. The current Zamboni would last another 4 years at

Michigan Techs Athletic Department is considering the purchase of a new Zamboni for the ice rink. The current Zamboni would last another 4 years at an annual cost of $15,000. The new Zamboni would cost $110,000, last 20 years and cost $5,000 in annual maintenance costs. If the cost of capital is 8%, what is the EAC of the proposed Zamboni?

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