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Recalibration of sensitive measuring devices costs $8000 per year. If the machine will be recalibrated for each of 6 years starting 3 years after purchase,

Recalibration of sensitive measuring devices costs $8000 per year. If the machine will be recalibrated for each of 6 years starting 3 years after purchase, calculate the 8-year equivalent uniform series at 16% per year. Show cash flow diagram and then calculate.

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