A university's college of engineering would like to determine how much it will cost to keep its computing equipment curr

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A university's college of engineering would like to determinehow much it will cost to keep its computing equipment current. Intoday's dollars, the college estimates that it will cost$130,000 to replace old computing equipment. Due to decreasingprices on computers, it estimates that this cost will decrease eachof the following years by 6%. What would the present worth ofcomputing updates for years 1-5 be, assuming a required 15%real return on its investments?