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New elevators for a hospital will cost $2.2 million to install and $165,000 per year to operate at current prices. The elevators should last 18

New elevators for a hospital will cost $2.2 million to install and $165,000 per year to operate at current prices. The elevators should last 18 years. The real cost of capital is 8%, and the hospital pays no taxes. What is the equivalent annual cost? (Enter your answer in dollars not in millions and round your answer to 2 decimal places.)

Equivalent Annual Cost=?

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