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    Determine the total expenditure as a present value

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    Three fans are to be installed at a mine site; one immediately at a price of $260,000, one in five years at an estimated cost of $310,000 and the third in eight years at a cost of $480,000. Determine the total expenditure as a present value if the annual interest rate is 10%.

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    Solution Summary

    The total expenditure as a present value is determined.

    $2.19