3.22 (LG 3.5) Gwen just bought solar panels to power ventilation at her chicken farm. The panels cost $2000 and will reduce her electricity bills by $40 per month. How long will it take her to recoup her investment in the panels if she can earn 12 percent interest, compounded monthly, on her money?
3.22 (LG 3.5) Gwen just bought solar panels to power ventilation at her chicken farm. The panels cost $2000 and will reduce her electricity bills by $40 per month. How long will it take her to recoup her investment in the panels if she can earn 12 percent interest, compounded monthly, on her money?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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the answer to this question is Q3.22= 5.8 year but we just need to find how we get that answer for these questions, please help
Transcribed Image Text:3.22 (LG 3.5) Gwen just bought solar panels to power ventilation at her chicken
farm. The panels cost $2000 and will reduce her electricity bills by $40 per
month. How long will it take her to recoup her investment in the panels if she
can earn 12 percent interest, compounded monthly, on her money?
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