A mine is for sale for $240,000.It is believed the
Chapter , Problem 7-53(choose chapter or problem)
A mine is for sale for $240,000.It is believed the minewill produce a profit of $65,000 the first year, but theprofit will decline $5000 a year after that, eventuallyreaching zero, whereupon the mine will be worthless.What rate of return would this $240,000 investmentproduce for the purchaser of the mine?
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