In order to maintain RAB University's football stadium, the athletic department of the university needs annual maintenance
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In order to maintain RAB University's football stadium, the athletic department of the university needs annual maintenance costs of \(\$ 60,000\), annual insurance costs of \(\$ 5,000\), and annual utilities costs of \(\$ 1,500\). In addition, the department needs \(\$ 100,000\) worth of donations every 10 years for expansion projects. If the department opens a special account that pays \(2.3 \%\) per year, how much must be deposited into this account now to pay for these annual costs forever?
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Related Book For
Project Management Systems Principles And Applications
ISBN: 272859
2nd Edition
Authors: Adedeji B. Badiru
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