Lane Company uses packing machines to prepare its products for shipping. One machine costs $178,000 and lasts about 5 years before it needs replaced….

Lane Company uses packing machines to prepare its products for shipping. One machine costs $178,000 and lasts about 5 years before it needs replaced. The operating cost per machine is $15,000 a year. What is the equivalent annual cost of one machine if the required rate of return is 12 percent? Please show how to get the answer step by step

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