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Maintenance money for a new building has been sought. Mr. Kendall would like to make a donation to cover all future expected maintenance cost for
Maintenance money for a new building has been sought. Mr. Kendall would like to make a donation to cover all future expected maintenance cost for the building. These maintenance costs are expected to be $50,000 each year for the first 5 years, $70,000 each year for years 6 - 10, and $90,000 each year after that. The building has an indefinite service life.How much should be put into a account that will pay 13% interest to pay the maintenance over its infinite life?
Please use excel to solve Thanks!
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