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You are a hospital administrator and you have a very old CT Scan Machine. The cost of annual repairs and replacing worn out parts to keep the old machine running is $12,000 per year. The hospital board of directors has asked you whether it makes more financial sense to continue to maintain the old machine or to purchase a new CT scan machine. The new model CT scan machine costs $200,000 and is expected to last for 20 years with a depreciation rate of 5% (note: the depreciation rate includes wear and tear and maintenance). What will you recommend to the board? Justify your recommendation.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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