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DBM: A construction company decided to purchase a concrete mixer truck for $75,000 with a trade-in...

DBM: A construction company decided to purchase a concrete mixer truck for $75,000 with a trade-in of their old mixer. The old mixer has a trade-in value of $7,000. The new mixer will be kept for 15 years before being sold. Its estimated salvage value at that time is expected to be $5,000. Assume interest to be 12%. Determine the 6th year BVB by Declining Balance Method (round-off k to 4 decimal places).

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