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This is a good exercise in basic math and sensor theory, too.
To measure the speed of a motor shaft with an inductive sensor, typically you either count teeth on a sprocket or you count a key or other feature that is prominent from the shaft.
Let's say you're counting a shaft key. For the sake of argument, it's a 1/4" key on a 1" motor shaft, so it sticks up 1/8" above the shaft.
A the typical speed of an industrial induction motor, 1800 RPM, the key will be passing the sensor 30 times a second.
So as an exercise, figure this out: for the above assumptions, for how many milliseconds will the input be true ?
Can a standard MicroLogix input reliably count that signal ? Can a high-speed MicroLogix input reliably count that signal ?
And will the proximity sensor you chose reliably detect the key if it's only present for that number of milliseconds ?