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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