A piece of equipment that was purchased for P15,000 will have a salvage value of P2,000 after 15 years. Its book value has been determined by depreciation in accordance with the compound interest method, using an interest rate of 5% per annum. At the end of the 10th year, the depreciation method is changed to the straight line method for the remaining 5 years. Determine the book value at the end of the 12th year. Answer to the nearest dollar.

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A:

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Q: Do not use chatgpt

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