The Ivanhoe Clinic purchased a new surgical laser for $$69,900.$ The estimated salvage value is $$3,500.$ The laser has a useful life of five years and the clinic expects to use it for $8,300$ hours. It was used $1,460$ hours in year $1$; $1,710$ hours in year $2$; $1,950$ hours in year $3$; $1,550$ hours in year $4$;$1,630$ hours in year $5.$