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You are considering purchasing a warehouse. The cost to purchase the warehouse is $491,000. Renting...

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You are considering purchasing a warehouse. The cost to purchase the warehouse is $491,000. Renting the equivalent space costs $19,400 per year. If the annual interest rate is 6.5%, at what rate must rental cost increase each year to make the cost of renting comparable to purchasing? Assume that the rent will be paid at the end of each year

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