Problem
Timken Roller Bearing is a manufacturer ofseamless tubes for drill bit collars. The companyis planning to add larger capacity robotic arms toone of its assembly lines 3 years from now. Ifdone now, the cost of the equipment with installationis $2.4 million. If the company's realMARR is 15% per year, determine the equivalentamount the company can spend 3 years fromnow in then-current dollars? The inflation rate is2.8% per year.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.