Required: Air conditioning for a college dormitory will cost $1.5 million to install and $200,000 per year to operate at current prices. The system should last 25 years. The real cost of capital is 5%, and the college pays no taxes. What is the equivalent annual cost? Note: Round your answer to 2 decimal places. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect