The Department of Traffic Security of a city is considering the purchase of a new drone for aerial surveillance of traffic on its most congested streets. A similar purchase 4 years ago cost $1,200,000. At an interest rate of 7% per year, what is the equivalent value today of the previous $1,200,000 expenditure?
What will be an ideal response?
2 F = 1,200,000(F/P,7%,4)
= 1,200,000(1.3108)
= $1,572,960
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