El Paso Water is planning to install wind turbines to provide enhanced evaporation reverse osmosis concentrate from its inland desalting plant. The company will spend $1.5 million in year 1 and $2 million in year 2. Annual maintenance is expected to cost $65,000 per year through year 10. Determine the equivalent annual cost of the project in years 1 through 10 at an interest rate of 6% per year. Round your answer to the nearest dollar. Do not include the units.

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