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1.) A statue in central campus is said to have infinite life. However, due to inclement weather, maintenance has to be done every five years

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1.) A statue in central campus is said to have infinite life. However, due to inclement weather, maintenance has to be done every five years starting in year 3, each time costing $3500. What is the capitalized equivalence cost of these infinite payments, assuming an annual interest rate of 12% compounded annually? [15 pts]

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