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A mechanical contractor is trying to calculate the present worth of personnel salaries over the next five years. He has four employees whose combined salaries thru the end of this year are $150,000. If he expects to give each employee a raise of 5% each year, the present worth of his employees' salaries at an interest rate of 12% per year is nearest to:

A mechanical contractor is trying to calculate the present worth of personnel salaries over the next five years. He has four employees whose combined salaries thru the end of this year are $150,000. If he expects to give each employee a raise of 5% each year, the present worth of his employees' salaries at an interest rate of 12% per year is nearest to:

Introduction to Chemical Engineering Thermodynamics
Introduction to Chemical Engineering Thermodynamics
8th Edition
ISBN:9781259696527
Author:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Publisher:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Chapter1: Introduction
Section: Chapter Questions
Problem 1.1P
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A mechanical contractor is trying to calculate the present worth of personnel salaries over the next five years. He has four employees whose combined salaries thru the end of this year are $150,000. If he expects to give each employee a raise of 5% each year, the present worth of his employees' salaries at an interest rate of 12% per year is nearest to: Answer the following: %g or r=? w =? (show in decimal value) POTO O TOTAL =?
Transcribed Image Text:A mechanical contractor is trying to calculate the present worth of personnel salaries over the next five years. He has four employees whose combined salaries thru the end of this year are $150,000. If he expects to give each employee a raise of 5% each year, the present worth of his employees' salaries at an interest rate of 12% per year is nearest to: Answer the following: %g or r=? w =? (show in decimal value) POTO O TOTAL =?
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