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The rule of parsimony states that:
Equivalent Annual Cost
A cost calculation method that is used to compare the cost effectiveness of different investments or projects with different lifespans.
Tax Shield
A deduction allowed by the tax laws to reduce taxable income, thus lowering the overall taxes owed by an individual or an organization.
Mutually Exclusive
Two events that cannot happen at the same time, requiring a choice to be made between them.
Legal Fees
Charges for services provided by lawyers or law firms.
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