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Find what is the annual value of the pump

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Background: A client is contemplating on purchasing a new high efficiency pump and motor, with an initial cost of $10,000. The pump has a lifetime of 15 years and is estimated to save approximately $1,000 per year. There is an additional maintenance cost of $300 per year associated with this new pump. The pump will have a salvage value of $0 at the end of its lifetime. Assume the interest rate is 4%.

Question 1: What is the annual value of the pump?

Reference no: EM132628648

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