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Question
Using the information in the table below, when will payback occur? To justify the purchase of a new release of information tracking system, Health Information Management Services (HIMS) wants to calculate the new system's payback period. The cost to operate the current system is $25,000 per year. The proposed cost of the new system for the first year is $35,000 with continuing operation costs per year of $15,000. An increase of $10,000 per year in billing is anticipated with the new system because of the addition of a billing component to the release of information tracking functionality. Data are summarized in the following table:| Year 1 | Year 2 | Year 3 | Year 4 | |
| Current system cost | $25,000 | $25,000 | $25,000 | $25,000 |
| New system cost | $35,000 | $15,000 | $15,000 | $15,000 |
| Yearly difference in cost | -$10,000 | +$10,000 | +$10,000 | +$10,000 |
| Cumulative differences in costs |
b. Second year
c. Third year
d. Fourth year
Answer
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