Question: A process currently costs $42,206 and is expected to increase $60,231 per year over the next 14 years. If the company's effective interest rate is

A process currently costs $42,206 and is expected to increase $60,231

A process currently costs $42,206 and is expected to increase $60,231 per year over the next 14 years. If the company's effective interest rate is 8%, what is the expected equivalent annual cost over this period? (Do not use +/- signs)

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