A company that manufactures brushless blowers invested $650,000 in an automated quality control system for blower housings. The resultant savings was $160,000 per year for 5 years. If the equipment had a salvage value of $50,000, what rate of return per year did the company make?
Write the standard notation using the interest factor table formulas
Solve by trial and error or by spreadsheet to the nearest 1/10%