The Kelowna Go-Kart Klub wants to switch to all-electric Go-Karts powered by solar panels. The cost of installing solar panels, back-up storage, and five rental Go-Karts is $60,000. Members of the Kelowna Go-Kart Klub have determined that it is possible to set aside $6000 each year and that they will have to put off their project until they have saved the $60,000 necessary. How long will it take to save a total of $60,000, assuming that the interest rate is 8 percent? (Hint: Use logarithms to simplify the sinking fund factor.) years to save enough money. It would take the Kelowna Go-Kart Klub (Round to one decimal places as needed.)

The Kelowna Go-Kart Klub wants to switch to all-electric Go-Karts powered by solar panels. The cost of installing solar panels, back-up storage, and five rental Go-Karts is $60,000. Members of the Kelowna Go-Kart Klub have determined that it is possible to set aside $6000 each year and that they will have to put off their project until they have saved the $60,000 necessary. How long will it take to save a total of $60,000, assuming that the interest rate is 8 percent? (Hint: Use logarithms to simplify the sinking fund factor.) years to save enough money. It would take the Kelowna Go-Kart Klub (Round to one decimal places as needed.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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