Machinery costs $1 million today and $100,000 per year to operate. It lasts for 8 years. What is the equivalent annual annuity if the discount rate is 9% ? Enter your answer in dollars and round to the nearest cent (one-hundredth). Do not include the dollar sign ($). Do remember to include the negative sign!
Machinery costs $1 million today and $100,000 per year to operate. It lasts for 8 years. What is the equivalent annual annuity if the discount rate is 9% ? Enter your answer in dollars and round to the nearest cent (one-hundredth). Do not include the dollar sign ($). Do remember to include the negative sign!
Introductory Chemistry: An Active Learning Approach
6th Edition
ISBN:9781305079250
Author:Mark S. Cracolice, Ed Peters
Publisher:Mark S. Cracolice, Ed Peters
Chapter3: Measurement And Chemical Calculations
Section: Chapter Questions
Problem 128E: In Active Example 3-29 you calculated that you would have to work six weeks to earn enough money to...
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Transcribed Image Text:Machinery costs $1 million today and $100,000 per year to operate. It lasts for 8 years. What is the equivalent annual annuity if the discount
rate is 9% ? Enter your answer in dollars and round to the nearest cent (one-hundredth). Do not include the dollar sign ($). Do remember
to include the negative sign!
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