Question: Please solve using Excel. Air conditioning for a college dormitory will cost $1.7 million to install and $190,000 per year to operate at current prices.

Please solve using Excel.

Air conditioning for a college dormitory will cost $1.7 million to install and $190,000 per year to operate at current prices. The system should last 23 years. The real cost of capital is 7%, 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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