McMillan Company manufactures electronic flow sensors that are designed as an alternative to balland-

tube rotometers. The company recently spent

$3 million to increase the capacity of an existing production line. If the extra revenue generated by the expansion amounts to $200,000 per month, how long will it take for the company to recover its investment at an interest rate of 12% per year compounded monthly? Solve using

(a) tabulated factors, and

(b) a calculator or spreadsheet.