3. A machine shop has the opportunity to purchase a new machine for $20,000. After...
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3. A machine shop has the opportunity to purchase a new machine for $20,000. After carefully studying projected costs and revenues, the company estimates that the new machine will produce a net cash flow of S2.600 annually and will last for ten years. At the end of ten years the machine will be sold for Management feels that an interest rate of 6 percent is adequate for his business. Determine the maximum amount the company should pay for the machine. A. $19,136 B. $26,500 $19,636 $19,415 E. $22,816 340
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