Office Furniture Makers, Inc. uses machines to produce high quality office chairs for other firms. The initial
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Office Furniture Makers, Inc. uses machines to produce high quality office chairs for other firms. The initial cost of one customized machine is $770,000. This machine costs $16,000 a year to operate. Each machine has a life of 3 years before it is replaced. What is the equivalent annual cost of this machine if the required return is 10%? (Enter answer with a positive sign, and to two decimal places)
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