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A professional photographer who specializes in wedding-related activities paid $47,500 for equipment that will have a $2000 salvage value after 5 years. He estimates that his costs associated with each event amount to $65 per day. If he charges $400 per day for his services, how many days per year must he be employed in order to break even at an interest rate of 8% per year? The number of days required for break even is determined to be per year.

A professional photographer who specializes in wedding-related activities paid $47,500 for equipment that will have a $2000 salvage value after 5 years. He estimates that his costs associated with each event amount to $65 per day. If he charges $400 per day for his services, how many days per year must he be employed in order to break even at an interest rate of 8% per year? The number of days required for break even is determined to be per year.

Essentials Of Investments
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
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A professional photographer who specializes in wedding-related activities paid $47,500 for equipment that will have a $2000 salvage value after 5 years. He estimates that his costs associated with each event amount to $65 per day. If he charges $400 per day for his services, how many days per year must he be employed in order to break even at an interest rate of 8% per year? The number of days required for break even is determined to be :per year.
Transcribed Image Text:A professional photographer who specializes in wedding-related activities paid $47,500 for equipment that will have a $2000 salvage value after 5 years. He estimates that his costs associated with each event amount to $65 per day. If he charges $400 per day for his services, how many days per year must he be employed in order to break even at an interest rate of 8% per year? The number of days required for break even is determined to be :per year.
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