To improve crack detection in military aircraft, the Air Force combined ultrasonic inspection procedures with laser heating to identify fatigue cracks. Early detection of cracks may reduce repair costs by as much as $200,000 per year. If the savings start at the end of year 1 and increase by 3% each year through year 5, calculate the present worth of these savings at an interest rate of 10% per year.
What will be an ideal response?
Pg = 200,000{1 – [(1 + 0.03)/(1 + 0.10)]?}/(0.10 – 0.03)
= $800,520
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