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Your company is planning to purchase a new loader for $19,207. If the company keeps the old loader, it will have $1,418 additional maintenance cost

Your company is planning to purchase a new loader for $19,207. If the company keeps the old loader, it will have $1,418 additional maintenance cost for the first year and increases $507 each year till the eighth year. Given the companys minimum attractive rate of return (MARR) is 6%, what is the present cost of keeping the old loader?

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