Meggitt Systems, a company that specializes in extreme-high-temperature accelerometers, is investigating whether it should update certain equipment now or wait and do it later. If the cost now is $280,000, what is the equivalent amount 2 years from now at an interest rate of 12% per year?
What will be an ideal response?
F = 280,000(F/P,12%,2)
= 280,000(1.2544)
= $351,232
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