Your future company has purchased a machine and has entered into a contract that requires the company to pay $2000 each year for the upgrade of machine components at the end of years 6, 7, and 8. In anticipation of the upgrade cost, your company has decided to deposit equal amounts (X) at the end of each year for five years in a row in an account that pays i = 6%. The first deposit is made at the end of the first year. What is the value of X?
Your future company has purchased a machine and has entered into a contract that requires the company to pay $2000 each year for the upgrade of machine components at the end of years 6, 7, and 8. In anticipation of the upgrade cost, your company has decided to deposit equal amounts (X) at the end of each year for five years in a row in an account that pays i = 6%. The first deposit is made at the end of the first year. What is the value of X?
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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Solve Problem 20.25 using Excel.
Transcribed Image Text:Your future company has purchased a
machine and has entered into a contract that
requires the company to pay $2000 each year
for the upgrade of machine components at
the end of years 6, 7, and 8. In anticipation
of the upgrade cost, your company has
decided to deposit equal amounts (X) at the
end of each year for five years in a row in an
account that pays i = 6%. The first deposit
is made at the end of the first year. What is
the value of X?
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