To the nearest Month

This topic has 1 reply, 2 voices, and was last updated 8 years ago by John Moffat.

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January 28, 2018 at 7:40 pm #433663
llkkjj
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Dear Sir,

There is an MCQ where i calculated the payback correctly but don’t understand the answer:

Answer : A : Payback period = 1 + (19,750/33,250) = 1.59 years or 1 year 7 months to the nearest month.

Choice :

A 1 year 7 months
C 1 year 5 months

Isn’t C : 1 year 5 months closer then A 1 year 7 months to 1.59 years?
January 29, 2018 at 7:22 am #433732
John Moffat
Keymaster
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There are 12 months in a year!

So 0.59 of a year = 0.59 x 12 = 7.08 months
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