Pressure Systems, Inc. manufactures high-accuracy liquid level transducers. It is investigating whether it should update in-place equipment now or wait and do it later. If the cost now is $200,000, what will be the equivalent amount 3 years from now at an interest rate of 10% per year?
What will be an ideal response?
F = 200,000(F/P,10%,3)
= 200,000(1.3310)
= $266,200
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