1.43 The New Mexico State Police and Public Safety Department owns a helicopter that it uses to provide transportation and logistical support for high-level state officials. The $495 hourly rate covers operating expenses and the pilot's salary. If the governor uses the helicopter and average of 2 days per month for 6 hours each day, what is the equivalent future worth of the costs for 1 year at an interest rate of 6% per year, compounded quarterly (treat the costs as deposits)?
1.43 The New Mexico State Police and Public Safety Department owns a helicopter that it uses to provide transportation and logistical support for high-level state officials. The $495 hourly rate covers operating expenses and the pilot's salary. If the governor uses the helicopter and average of 2 days per month for 6 hours each day, what is the equivalent future worth of the costs for 1 year at an interest rate of 6% per year, compounded quarterly (treat the costs as deposits)?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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