Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN: 9781305084766
Author: Saeed Moaveni
Publisher: Cengage Learning
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Chapter 20, Problem 25P
To determine

Find the value of X.

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    A contractor bought a concrete mixer at ? 120,000 if paid in cash. The mixer may also be purchased by installment to be paid within 5 years. If money is worth 8% compounded annually, what is the amount of each annual payments made at the end of each year if paid in installment up to the end of 5 years?
    In 1924 Mr. O’Leary buried $1000 worth of quarters in his backyard. Over the years he had always thought that the money would be a nice nest egg to give to his first grandchild. His first granddaughter, Gabrielle, arrived in 1994. From 1924 to 1994, inflation averaged 4.5%, the stock market increased an average of 15% per year, and investments in government bonds averaged 6.5% return per year. What was the relative purchasing power of the jar of quarters that Mr. O’Leary gave to his granddaughter Gabrielle at birth? What might have been a better choice for his β€œbackyard investment”?
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