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This article provides a discussion on the principles and terminology of engineering economy and their application to a number of generic corrosion-related problems. It describes the methods of economic analysis that lead to single measure numbers. The article explains the application of the present worth method. Some of the most common methods of depreciation are provided. The article presents the generalized equations that will simplify the solution of a large percentage of engineering economy problems. It also discusses the calculation of the present worth and service life of each material.

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