What is equivalent annual cost

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Air conditioning for a college dormitory will cost million install $2.5 to and $150,000 per year to operate. The system should last 15 years. The real cost of capital is 5%, and the college pays no taxes. What is the equivalent annual cost? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Equivalent annual cost $ _____

Reference no: EM131506544

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