1. City Bank upgrades its computer equipment every five years to keep up with changes in technology....

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1. City Bank upgrades its computer equipment every five years to keep up with changes in technology. Its next upgrade is two years from today and is budgeted to cost $1 million. Management is considering moving up the date by two years to install some new computers with a breakthrough software that could generate significant cost savings. The cost for this new equipment also is $1 million. What should be the savings per year to justify moving up the planned upgrade by two years? Assume a cost of capital of 15 percent.

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