Question: Wheeling-Pittsburgh Steel is investigating whether it should replace some of its basic oxygen furnace equipment now or wait to do it later. The cost later

Wheeling-Pittsburgh Steel is investigating whether it should replace some of its basic oxygen furnace equipment now or wait to do it later. The cost later (i.e., 3 years from now) is estimated to be $1,700,000. How much can the company afford to spend now, if its minimum attractive rate of return is 1.5% per month?

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