! 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

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
ChapterB: Differential Calculus Techniques In Management
Section: Chapter Questions
Problem 7E
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!
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
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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