3.22 (LG 3.5) Gwen just bought solar panels to power ventilation at her chickenfarm. The panels cost $2000 and will reduce her electricity bills by $40month. How long will it take her to recoup her investment in the panels if shecan earn 12 percent interest, compounded monthly, on her money?per

Given the cost of the panel = $200 Per month reduction in electricity bill = $40 Interest rate = 12%…

(LG 3.5) Gwen just bought solar panels to power ventilation at her c farm. The panels cost $2000 and will reduce her electricity bills by $ month. How long will it take her to recoup her investment in the panel:

(LG 3.5) Gwen just bought solar panels to power ventilation at her c farm. The panels cost $2000 and will reduce her electricity bills by $ month. How long will it take her to recoup her investment in the panel:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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John is a very cost-conscious investor. His rule of thumb is that it costs $300 per year, starting in the first year of vehicle life to maintain an automobile. This expense increases by $300 each year over the life of the car. John is now considering the purchase of a five-year old car with 40,000 miles on it for $6,000. How much money will John have to set aside now to pay for maintenance (as a lump sum) if he keeps this car for seven years? John's interest rate is 7% per year. Click the icon to view the interest and annuity table for discrete compounding when i= 7% per year. John will have to set aside $ to pay for maintenance. (Round to the nearest dollar.) C
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