Dolphin Inc. trains mine seeking dolphins in a 5-mine tank. They are considering purchasing a new tank. The U.S. Navy will pay $105,000 for each dolphin trained and a new tank costs $750,000 and realistic dummy mines costs $250,000. The new tank will allow the company to train 3 dolphins per year and will last 10 years costing $50,000 per year to maintain. Determine the net present value if the interest equals 5%? A. $60,500 B. $45,800 C. $40,200 D. $38,550

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Engineering Economics Principles

Engineering economics (engineering economy) is a sub-field of economics to study the use and application of the economic principles in the engineering analysis of decisions along with the systematic evaluation of the advantages of project costs inclusive of engineering design and analysis. It emphasizes microeconomics (a subset of economics) for researching the behavior of people in the decision-making process of assigning and determining multiple alternatives to the usage of some of the restrained resources and merging economic theory and engineering practice in a practical manner. It depicts the logical framework of economics in addition to the analytical application of statistics and mathematics.