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The State of Chiapas, Mexico, decided to fund a program for improving reading skills in...

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Finance

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 $150,000 every 6 years forever. Determine the perpetual equivalent annual cost at an interest rate of 12% per year.

The perpetual equivalent annual cost is determined to be $ .

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