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Air conditioning for a college dormitory will cost $2.3 million to install and $160,000 per...

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Air conditioning for a college dormitory will cost $2.3 million to install and $160,000 per year to operate at current prices. The system should last 17 years. The real cost of capital is 7 %, and the college pays no taxes. What is the equivalent annual cost? (Enter your answer in dollars not in millions and round your answer to 2 decimal places.) Equivalent annual cost

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