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The purchased cost of a 5-m3 stainless steel tank in 1995 was $10,900. The 2-m-diameter tank...

The purchased cost of a 5-m3 stainless steel tank in 1995 was $10,900. The 2-m-diameter tank is cylindrical with a flat top and bottom. If the entire outer surface of the tank is to be covered with 0.05-m-thickness of magnesia block, estimate the current total cost for the installed and insulated tank. The 1995 cost for the 0.05-m-thick magnesia block was $40 per square meter while the labor for installing the insulation was $95 per square meter.

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