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A machine costs $19650 and is expected to have a scrap value of $2387 whenever it...

A machine costs $19650 and is expected to have a scrap value of $2387 whenever it is retired. Operating and Maintenance costs are $1398 for the first year and expected to increase by $1853 thereafter. If the MARR is 11%, determine the minimum equivalent uniform annual cost associated with the optimal economic life of the machine. The service life of this machine is 5 years.

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