Question: Please answer this question with full steps and details Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $125,000 in year one

Please answer this question with full steps and details

Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $125,000 in year one and increase by 4% each year through year five. What is the equivalent annual worth of the maintenance costs at an interest rate of 10% per year, compounded bi-monthly? The equivalent annual worth is $ 503918.76

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