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A medium-size consulting engineering firm is trying to decide whether it should replace its office furniture now the or wait and do it 1

 

A medium-size consulting engineering firm is trying to decide whether it should replace its office furniture now the or wait and do it 1 year from now. If it waits 1 year, cost is expected to be $16,000. At an interest rate of 10% per year, what would be the equivalent cost now?

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