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The following data are given for Encino Aluminium Company: Initial cost of proposed equipment $75,000 Estimated useful life 7 years Estimated annual profit $18,000 Predicted

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The following data are given for Encino Aluminium Company: Initial cost of proposed equipment $75,000 Estimated useful life 7 years Estimated annual profit $18,000 Predicted residual value at the end of the useful life $3,000 Cost of capital (required rate of return) 12% Compute the present value of the estimated annual profit

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