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A backhoe will be purchased for a cost of $113,250. After a useful life of...

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Accounting

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A backhoe will be purchased for a cost of $113,250. After a useful life of 6 years it is assumed the equipment will be sold for $32,000. Assume interest of 7 percent for borrowing money and 1.5 percent as the equivalent interest rate for taxes, insurance, and storage. Calculate the annual ownership cost and the cost per hour assuming the equipment will be used 2000hr/ year

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