Eight years ago, Ohio Valley Trucking purchased a
large-capacity dump truck for $115,000 to provide
short-haul earthmoving services. The company
sold it today for $45,000. Operating and maintenance
costs averaged $10,500 per year. A complete
overhaul at the end of year 4 cost an extra $3600.
Calculate the annual cost of the truck at 8% per
year interest.