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Required information

Demco Products, a company that manufactures stainless steel control valves, has a fund for equipment replacement that

contains $$500,000.$ The company plans to spend $$85,000$ each year on new equipment.

Use the NPER function to determine the exact number of years for an interest rate of $7\mathrm{.}00\%.($Round the final answer to three decimal

places.$)$

The exact number of years is