Question: show your work 11) A pump has an initial cost of $20,000 and an annual maintenance cost of $550. The life of the pump is

show your work

11) A pump has an initial cost of $20,000 and an annual maintenance cost of $550. The life of the pump is 15 years, and its salvage value is $4500. Assuming an annual effective interest rate of 4%, the equivalent uniform annual cost of the pump is most nearly? a. $1020 b. $1470 c. $2120 d. $2570

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