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Five years from now, the Peoria Turnpike Authority will have to spend $25 million to upgrade all of its E-ZPass toll booths. If 15 million
Five years from now, the Peoria Turnpike Authority will have to spend $25 million to upgrade all of its E-ZPass toll booths. If 15 million vehicles per year use the turnpike, how much additional toll must they charge per vehicle over the next 5 years to have enough money for the upgrade? Assume an interest rate of 6% per year. You must draw a correct cash flow diagram
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