The cost of updating an outdated production process is expected to be $81,000 four years from now. The equivalent present worth of the update at 6% per year interest is closest to:
(a) $51,230
(b) $55,160
(c) $60,320
(d) $64,160
P = 81,000(P/F,6%,4)
= 81,000(0.7921)
= $64,160
(d) $64,160
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