Question:A part-time laborer earning $2,400 a year measures the level periodically in a series of tanks....
Question
A part-time laborer earning $2,400 a year measures the level periodically in a series of tanks....
A part-time laborer earning $2,400 a year measures the level periodically in a series of tanks. The management estimates that by installing a remote level-sensing device at a cost of $6,000, which has a service life of 12 years, the laborer's job can be eliminated. What approximate discrete interest rate (compounded annually) was assumed by the management in making this estimate?