Terrain Vehicle has received three proposals for its new vehicle painting machine. Information on each proposal is as follows:
Annual cash saved by operations:
Salvage value end of year:
Required: Determine each proposal's payback.
Definitions:
Wealth
The abundance of valuable financial assets or physical possessions which can be converted into forms that can be used for transactions or investments.
Von Neumann-Morgenstern
A utility theorem that represents individuals' preferences over risky choices, and is foundational in expected utility theory.
Utility Function
A mathematical model in economics that represents how different quantities of goods or services can provide satisfaction to consumers.
Income
The reward garnered over time, generally in a consistent pattern, from occupational or investment sources.
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