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A four-year project requires an initial investment of $165,000 in fixed assets and $25,000 in net...

A four-year project requires an initial investment of $165,000 in fixed assets and $25,000 in net working capital. The project has annual year-end costs of $14,501 after taxes. The fixed assets belong in a 20% CCA class and will have no salvage value. Any investment in working capital is returned at the end. What is the project's equivalent annual cost if the required return is 14% and the firm's tax rate is 34%

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