Question

Suppose that you currently own a clothes dryer that costs $25 per month to operate A new efficient dryer costs $630 and has an estimated operating cost of $15 per month. How long will it take for the new dryer to pay for itself? months The clothes dryer will pay for itself in

Answer 1

Dryer will pay for itself in 63 months or 5 years and 3 months.

Explanation:

Let after x months new dryer will pay for itself.

Old dryer is costing $25 to operate so after x months it will cost = 25x

Similarly new dryer which cost $630 and operating cost is $15 per month.

So after x months new drier will cost = $(630 + 15x)

If the new dryer pay for itself in x months then total cost of both the dryers after x months should be same.

Therefore, 25x = 630 + 15x

25x - 15x = 630

10x = 630

x =
`(630)/(10)`

x = 63 months

Or x = 5 years 3 months

Answer is 63 months or 5 years 3 months.