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East Carolina University has invested $10 million in solar tiles for the roofs of all the buildings on campus. The initial amount of $10 million
East Carolina University has invested $10 million in solar tiles for the roofs of all the buildings on campus. The initial amount of $10 million includes $3 million for maintenance costs for the first ten years. Thereafter, it is expected that ECU will spend $3 million on maintenance every 10 years indefinitely. If ECU can earn interest at the rate of 3% per year, what is the total amount that ECU should budget to cover maintenance costs for the solar roofs. (Hint: Focus on maintenance costs only and ignore all other costs used to build the solar roofs). ($261,692) O $8,723,051 $11,723,051 18,723,050
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