Question

You own a clothes dryer that costs $32 per month to operate A new more efficebt dryer cost 1027 and has an estimated operating cost of 19$ per kith find how long it will take in year and moths for the new clothes dryer to pay for itself

Answer 1

To calculate the payback period, subtract the operating cost of the new dryer from the current dryer to find monthly savings, then divide the cost of the new dryer by the monthly savings, resulting in a payback period of 6 years and 7 months.

Step-by-step explanation:

The question asks for a calculation of the payback period for an investment in a more efficient clothes dryer. To determine when the new dryer pays for itself, you must first calculate the monthly savings from using the new dryer, then divide the cost of the new dryer by the monthly savings.

First, the monthly savings can be calculated by subtracting the operating cost of the new dryer from the operating cost of the current dryer:

$32 - $19 = $13 savings per month

Next, to find out how many months it will take for the new dryer to pay for its cost:

$1027 / $13 per month = 79 months

This can be converted into years and months:

79 months / 12 months per year = 6 years and 7 months

Therefore, it will take 6 years and 7 months for the new efficient clothes dryer to pay for itself.