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Air conditioning for a college dormitory will cost $2.2 million to install and $165,000 per year to operate. The system should last 18 years. The
Air conditioning for a college dormitory will cost $2.2 million to install and $165,000 per year to operate. The system should last 18 years. The real cost of capital is 8%, 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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