The campus would like to recoup the total construction cost

Reference no: EM13533411

A parking facility on a campus was recently opened to faculty,staff and students.It cost a total of $ 300,000 to construct the facility. It is expected that thefacility will require no maintenance for the first 2 years ofoperation.At end of year 3, the first maintenance is expected to cost $2500 with an increase of $300 every subsequentyear thereafter. the campus would like to recoup the totalconstruction cost of the facility within the first 10 years ofoperation. Annual parking decals will be sold to payoff the structure. The interest rate is 7%. What should the annual decal rate be to cover the initial cost and maintenancecosts for the first 10 years of the facility's life? The facilityhas 100 parking spaces.

Reference no: EM13533411

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