2.1 Beckton Steel Products, a company that specializes in crankshaft hardening, is investigating whether it should update certain equipment now or wait and do it later. If the cost now is $180,000, what would the equivalent amount be 3 years from now at an interest rate of 10% per year?
2.2 By filling carbon nanotubes with miniscule wires made of iron and iron carbide, incredibly thin nano wires could be extruded by blasting the car- bon nanotubes with an electron beam. If Gentech Technologies spends $2.7 million now in develop- ing the process, how much would the company have to receive in licensing fees 3 years from now to recover its investment at 20% per year interest?