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The State of Chiapas, Mexico, decided to fund a program for literacy. The first cost of $300,000 now and an updated budget of $145,000 every

The State of Chiapas, Mexico, decided to fund a program for literacy. The first cost of $300,000 now and an updated budget of $145,000 every 7 years forever is requested. Determine the perpetual equivalent annual cost at an interest rate of 10% per year.

The perpetual equivalent annual cost is $ .

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