A 10-year-old truck had operating costs last year of $3,200, and it is expected A 10 that

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A 10-year-old truck had operating costs last year of $3,200, and it is expected A 10 that these costs will increase at the rate of 4% per year if there is no inflation Presently the truck can be sold for $300 for scrap. It is anticipated that if there is no inflation this $300 would be received if the truck were sold at any time in the future. Find the economic life of the truck if the inflation rate is 9% per year and the market interest rate is 12%.