Find the effective rate first and then calculate

Reference no: EM132152123

Question: A machine costs $20,000 and has a 5 year useful life. At the end of the 5 years, it can be sold for $4,000. If annual interest is 8%, compounded semiannually, what is the equivalent uniform annual cost of the machine? Hint: Find the effective rate first and then calculate. This is easier. Round off to whole dollars. Do not put in commas or $ signs, but do put in negative signs if needed.

Reference no: EM132152123

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