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If we give the MTA a break and annualize the cost of the MTA's capital expenditures using an interest rate of 5 percent per year, and add in operating expenses, then the MTA's five fixed- guideway lines incur a net loss of $575 million per year. If so, there is no need to annualize or otherwise adjust the amount of inclusions for purposes of calculating the base-period inclusion. So if you annualize that, it puts you at a rate that's somewhere around the '96, '97, '98 average timeframe. |
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