A firm can lease a truck for 4 years at a cost of $36,000 annually. It...

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A firm can lease a truck for 4 years at a cost of $36,000annually. It can instead buy a truck at a cost of $86,000, withannual maintenance expenses of $16,000. The truck will be sold atthe end of 4 years for $26,000.
a. What is the equivalent annual cost of buyingand maintaining the truck if the discount rate is 10%? (Donot round intermediate calculations. Round your answer to 2 decimalplaces.)

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A firm can lease a truck for 4 years at a cost of $36,000annually. It can instead buy a truck at a cost of $86,000, withannual maintenance expenses of $16,000. The truck will be sold atthe end of 4 years for $26,000.a. What is the equivalent annual cost of buyingand maintaining the truck if the discount rate is 10%? (Donot round intermediate calculations. Round your answer to 2 decimalplaces.)