Question: Air conditioning for a college dormitory will cost $ 3 . 5 million to install and $ 1 0 0 , 0 0 0 per

Air conditioning for a college dormitory will cost $3.5 million to install and $100,000 per year to operate at current prices. The system should last 19 years. The real cost of capital is 5%, and the college pays no taxes. What is the equivalent annual cost?Note: Enter your answer in dollars not in millions and round your answer to 2 decimal places.

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