Q: Squeaking when the car bounces on 1998 BMW 740iL

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Hi! I just bought a 98 BMW 740IL. The car runs great except for an annoying squeak when driving. Especially over bumps. I also notice the steering wheel shakes at about 60MPH. I was told this is probably the thrust rod bushing. Any idea what this will cost? labor included? I am a new BMW owner and am unsure. Thanks!
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