Problem:
A contractor owns a unit of equipment that costs $25/hr, based on a usage of 2000hy/yr. For this equipment the annual cost of ownership can be calculated as $25/hr X 2000hr=$50,000/yr. Suppose that this equipment can be rented for $3500/month, $1200/week, or $350/day.
Required:
Question: Evaluate the number of hours of usage to justify rental versus ownership
Note: Please show how you came up with the solution.