Below please find a definition of “Service life”
Defined Term – Service life: The period of time during which an asset can be operated or used in a productive manner is termed as the service life of that asset. For example, a piece of machinery can be used productively only for a certain number of years until it won’t be of much value. So the service life of the machinery is good for a few years until it needs replacement. An alternative term for service life is economic life.
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