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3. Suppose a company has a forklift but is considering purchasing a new electric lift truck that would cost $3000000 and has operating cost of $50500 in the first year. For the remaining years, operating costs increase each year by 35% over the previous year's operating costs. It loses 7% of its value every year from the previous year's salvage value. The lift truck has a maximum life of 6 years. The firm's required rate of retum is 5%. Find the economic service life of this new machine. Final