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Woodstock Birdhouse Incorporated is looking to buy a new industrial planing machine. Woodstock desires an average rate of return of 20% on this investment. If

Woodstock Birdhouse Incorporated is looking to buy a new industrial planing machine. Woodstock desires an average rate of return of 20% on this investment.

If a machine has an average annual income after taxes of $32,000 and a salvage value of $4,000, how much should Woodstock invest in the initial cost of a planing machine?

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