The State of Chiapas, Mexico, decided to fund a program for improving reading skills inelementary school students. The first cost is $300,000 nowand...

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 7 years forever. Determine the perpetual equivalent annual cost at an interest rate of 10% per year.

The perpetual equivalent annual cost is determined to be -$