Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A professional photographer who specializes in wedding-related activities paid $49,500 for equipment that will have a $2000 salvage value after 5 years. He estimates that
A professional photographer who specializes in wedding-related activities paid $49,500 for equipment that will have a $2000 salvage value after 5 years. He estimates that his costs associated with each event amount to $65 per day. If he charges $500 per day for his services, how many days per year must he be employed in order to break even at an interest rate of 8% per year?
The number of days required for break even is determined to be per year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started