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A forklift truck is having its engine overhauled. It is estimated that it will cost $1000 to overhaul the transmission at this time. If the

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A forklift truck is having its engine overhauled. It is estimated that it will cost $1000 to overhaul the transmission at this time. If the mechanics wait for the transmission to fail, it will cost $1500 to repair. What is the maximum time to failure to justify spending the $1000 now, if the interest rate is 8% compounded annually? 3.6

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