An entrepreneurial electrical engineer has approacheda
Chapter 3, Problem 3.18(choose chapter or problem)
An entrepreneurial electrical engineer has approacheda large utility with a proposal that promisesto reduce the utilitys power bill by at least15% per year for the next 5 years through installationof patented surge protectors. The proposalstates that the engineer will get $20,000 now andannual payments that are equivalent to 75% of thepower savings achieved from the devices. Assumingthe savings are the same every year at 15% andthat the utilitys power bill is $1 million per year,what would be the equivalent uniform amount foryears 1 to 5 of the payments to the engineer at aninterest rate of 6% per year?
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