Question
Part of the Income that a machine generates is put into a sinking fund to replace the machine when it wears out. If $3,000 is
Part of the Income that a machine generates is put into a sinking fund to replace the machine when it wears out. If $3,000 is deposited annually at 6% interest how many years must the machine be kept before a new machine costing $55,000 can be purchased?
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