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Offshore Oil Company owns oil reserves estimated to contain 6,500,000 barrels of oil. The oil reserves originally cost $75,000,000 with an estimated salvage value of

Offshore Oil Company owns oil reserves estimated to contain 6,500,000 barrels of oil. The oil reserves originally cost $75,000,000 with an estimated salvage value of $3,500,000. During the current period, 1,200,000 barrels of oil were extracted. The depletion rate per barrel was: (11 is answer)

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