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Lifetime cost
The total cost incurred of possessing certain goods over their lifetime, as an addition to the cost of buying the goods. The cost may include expenses such as maintenance, insurance, renovation, etc. These extra costs, when added up together over the lifetime of the goods, may even be greater than the original cost of the goods itself.
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- Part of Speech: noun
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- Industry/Domain: Accounting
- Category: Auditing
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