Repeat Problem if it is expected that the lathe will have a secondhand value of $500 after 12 years.
Problem
The Carolina Furniture Company buys a lathe for $8000. It is expected that the lathe will last for 12 years, at which time it will have no value. If a straight-line method of depreciation is used, give an equation for the estimated value of the lathe as a function of time. For what values of t is your equation valid?
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