Demco Products, a company that manufactures stainless steel control valves, has a fund for equipment replacement that
Question:
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.
(a) Estimate the number of years it will take to reduce the fund to no more than $85,000 at an interest rate of 10% per year.
(b) Use the NPER function to determine the exact number of years.
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