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Air conditioning for a college dormitory will cost S2.6 million to install and S 145,000 per year to operate. The system should last 14 years.

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Air conditioning for a college dormitory will cost S2.6 million to install and S 145,000 per year to operate. The system should last 14 years. The real cost of capital is 6%, and the college pays no taxes. What is he equivalent annual cost? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Equivalent annual cost

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