Question: Frank's Garage is evaluating a bid for a cleaning contract. The contract is $ 7 , 1 0 9 in year one, with the cost

Frank's Garage is evaluating a bid for a cleaning contract. The contract is $7,109 in year one, with the cost of the contract increasing $1,353 each year after. The cleaning company is asking for a 8 year contract. What is the equivalent uniform annual cost of this contract? Use a nominal annual interest rate of 9% to make the calculation.

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