How many years must the current machine last

Reference no: EM132029861

Question: Part of the income generated by an ice cream machine is saved to purchase a new machine in the future. If $6,000 is deposited annually at 4.5% interest, how many years must the current machine last before a new machine costing $50,000 can be purchased? The first deposit will occur exactly one year from now.

Reference no: EM132029861

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