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Category > Engineering Posted 15 May 2017 My Price 7.00

Maintenance money for a new building at a college

Maintenance money for a new building at a college is being solicited from potential alumni donors. You would like to make a donation to cover all future expected maintenance costs for the building. These maintenance costs are expected to be $40,000 each year for the first five years, $50,000 for each of years 6 through 10, and $60,000 each year after that. (The building has an indefinite service life.)

(a) If the money is placed in an account that will pay 13% interest compounded annually, how large should the gift be?

(b) What is the equivalent annual maintenance cost over the infinite service life?

 

Answers

Alpha Geek
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Status NEW Posted 15 May 2017 01:05 PM My Price 7.00

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file 1494855288-Answer.docx preview (234 words )
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