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3) Mr. & Mrs. Philanthropists decided to fund a program in the San Fernando Valley for improving students' math skills in high schools. Initially it

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3) Mr. \& Mrs. Philanthropists decided to fund a program in the San Fernando Valley for improving students' math skills in high schools. Initially it will cost $300,000 while a program update of $100,000 is required every 5 years, indefinitely. Determine the perpetual equivalent annual cost at an interest rate of 12% per year

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