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You have just purchased a new roof for your large condominium hotel. This roof has a 2 0 - year life. In an effort to

You have just purchased a new roof for your large condominium hotel. This roof has a 20-year life. In an effort to plan for the long-term capital expense of replacing the new roof in 20 years, you decided to set aside an equal amount each year. You estimate that you could set aside $75,000 each year. If the amount they set aside each year earns 7 percent, how much money will you have at the end of 20 years (rounded up to the nearest thousand dollars)?

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