! Required information Demco Products, a company that manufactures stainless steel control valves, has a fund for equipment replacement that contains $500,000. The company plans to spend $85,000 each year on new equipment. Use the NPER function to determine the exact number of years for an interest rate of 7.00%. (Round the final answer to three decimal places.) The exact number of years is 5.739

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Demco Products, a company that manufactures stainless steel control valves, has a fund for equipment replacement that
contains $500,000. The company plans to spend $85,000 each year on new equipment.
Use the NPER function to determine the exact number of years for an interest rate of 7.00%. (Round the final answer to three decimal
places.)
The exact number of years is 5.739
Transcribed Image Text:! Required information Demco Products, a company that manufactures stainless steel control valves, has a fund for equipment replacement that contains $500,000. The company plans to spend $85,000 each year on new equipment. Use the NPER function to determine the exact number of years for an interest rate of 7.00%. (Round the final answer to three decimal places.) The exact number of years is 5.739
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