A railway connecting to cities is to be built at a cost of 20000000$. The annual maintenance
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Question:
A railway connecting to cities is to be built at a cost of 20000000$. The annual maintenance is expected to cost 100000$. A major rehabilitation will be needed every 10 years and costs 1500000$ starting at the end of the 12th year. If an endowment is to be established at 5% compounded annually interest rate to fund the costs, what should be the value of the endowment
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