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Air conditioning for a college dormitory will cost $1.6 million to install and $195,000 per year to operate. The system should last 24 years. The

Air conditioning for a college dormitory will cost $1.6 million to install and $195,000 per year to operate. The system should last 24 years. The real cost of capital is 6%, and the college pays no taxes. What is the equivalent annual cost? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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