Johnson Co$.$ makes new engines. This year $($year $1)$ the annual cost for check valve components is $$7000.$ Based on new changes, the company expects this cost to increase. The cost in year $2$ and each year thereafter should increase by $$560.$ What is the equivalent annual cost for a five$-$year period at an interest rate of $10\%$ per year?$$Cost will be positive; this problem is not asking for annual worth.