The State of Chiapas, Mexico, decided to fund aprogram for

Chapter 6, Problem 6.28

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The State of Chiapas, Mexico, decided to fund aprogram for improving reading skills in elementaryschool students. The first cost is $300,000now, and an update amount of $100,000 every5 years forever. Determine the perpetual equivalentannual cost at an interest rate of 10% per year.

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