PLEASE SHOW ALL STEPS FOR 5/5 RATING A small mining company is considering the f

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PLEASE SHOW ALL STEPS FOR 5/5 RATING

A small mining company is considering the feasibility of purchasing a piece of land for a small quarrying operation. The following cost estimates have been developed for evaluating the venture: Cost of land $2,000,000 Site clearing and road preparation 200,000 Annual Operating Costs First year 400,000 Increase for each additional year 50,000 of operation Site cleanup prior to resale 100,000 The quarry will probably have a useful life of 10 years and the reclaimed site should have a resale value of $ 1 million. Using an interest rate of 15 percent, determine the equivalent annual cost of this operation?

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