The State of Chiapas, Mexico, decided to fund a program for improving reading skills in elementary school students. The first cost is $300,000 now and an update amount of $160,000 every 5 years forever. Determine the perpetual equivalent annual cost at an interest rate of 11% per year. The perpetual equivalent annual cost is determined to be -$

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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The State of Chiapas, Mexico, decided to fund a program for improving reading skills in elementary school students.
The first cost is $300,000 now and an update amount of $160,000 every 5 years forever. Determine the perpetual
equivalent annual cost at an interest rate of 11% per year.
The perpetual equivalent annual cost is determined to be -$
Transcribed Image Text:The State of Chiapas, Mexico, decided to fund a program for improving reading skills in elementary school students. The first cost is $300,000 now and an update amount of $160,000 every 5 years forever. Determine the perpetual equivalent annual cost at an interest rate of 11% per year. The perpetual equivalent annual cost is determined to be -$
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