A firm can lease a truck for 5 years at a cost of $42,000 annually. It can instead buy a truck at a cost of $92,000, with annual maintenance expenses of $22,000. The truck will be sold at the end of 5 years for $32,000.What is the equivalent annual cost of buying and maintaining the truck if the discount rate is 12%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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