Problem
An electric oil pump's first cost is $45,000, and the interest rate is 10%. The pump's end-of-year salvage values over the next 5 years are $42K, $40K, $38K, $32K, and $26K. Determine the pump's economic life.
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.