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Engineering costs by purchasing new machine

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The controller at Ross has determined that the company could save $8,000 per year in engineering costs by purchasing a new machine. The new machine would last 10 years and provide the aforementioned annual monetary benefit throughout its entire life. Assuming the interest rate at which Ross purchases this type of machinery is 8%, what is the maximum amount the company should pay for the machine?

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You may want to own a home one day. If you are 20 years old and plan on buying a $300,000 house when you turn 30, how much will you have to invest today, assuming your investment yields an 8% annual return?

Reference no: EM133340248

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