An oil and gas exploration firm invested $2,000,000 in drilling for natural gas in a new gas field. The firm's geologist believes the field has the potential to produce gas for many years. The revenue...

Extracted text: An oil and gas exploration firm invested $2,000,000 in drilling for natural gas in a new gas field. The firm's geologist believes the field has the potential to produce gas for many years. The revenue resulting from the gas well the first year after drilling is $600,000; based on previous experiences with similar types of wells, it is expected the annual revenue will decrease at an annual rate of 3%. Likewise, the costs of operating the well the first year totals $100,000; costs are expected to increase at an annual rate of 7%. If the firm's MARR is 17%, how long will it take for the firm to recover its investment? Hint: Using Excel's Goal Seek or SOLVER tool leave cell for the number of years required to recover the investment empty. Click here to access the TVM Factor Table calculator. n = L1 years