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A project has an annual rate of return of 15%. The project cost $60,000, has...

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Accounting

A project has an annual rate of return of 15%. The project cost $60,000, has a 5-year useful life, and no salvage value. Straight-line depreciation is used. The annual net income, exclusive of depreciation, was

$16,500.

$9,000.

$31,800.

$21,000.

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