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A university's college of engineering would like to determine how much it will cost to keep its computing equipment current. In today's dollars, the college estimates that it will cost $$120,000$ to replace old computing equipment. Due to decreasing prices on computers, it estimates that this cost will decrease each of the following years by $3\%.$ What would the present worth of computing updates for years $1-5$ be$,$ assuming a required $10\%$ real return on its investments?

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