Engineering economy Study guides, Class notes & Summaries

Yes! Since Joe repays each $5000 four or five years after he borrowed it, the time value of money says the payments are worth less than what was borrowed. Essentially, the engineering firm has given him the free use of $20,000 for 4 years.EXAMPLE 1.1 Joe Miner's Student Loan Joe Miner has been offered a student loan by an engineering firm in his hometown. He will borrow $5000 each year for 4 years. He is required to maintain a 3.0 GPA, major in some engineering discipline, and gradua...

C A construction estimate is used A. To judge tentatively or approximate value of the project B. To produce a statement of the approximate cost C. To decide an approximation of the value of the project and not the exact cost D. None of these C What is the term for an annuity with a fixed time span? A. Ordinary annuity B. Perpetuity C. Annuity certain D. Annuity due

Engineering Economybranch of economics which involves the application of definite laws of economics, theories of investment and business practices to engineering problems involving cost Interestthe amount or money paid for the use of borrowed capital. Simple Interestinterest on a loan or principal that is based only on the original amount of the loan or principal. This is usually used for shorter loan where the period of payment measure in day

Engineeringthe profession in which a knowledge of the mathematical and natural science gained by study, experience and practice is applied with judgement to develop ways to utilize Engineering economythe discipline concerned with the economic aspect of engineering. It involves the systematic evaluation with the economic merits of proposed solutions to the engineering problems Engineering economicsthe application of economic techniques to the evaluation of design and engineering alter...

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