Question: PLEASE SOLVE BY HAND! What is the equivalent annual cost in years 1 through 7 of a contract that has a first cost of $70,000

PLEASE SOLVE BY HAND! What is the equivalent annual cost in

PLEASE SOLVE BY HAND!

What is the equivalent annual cost in years 1 through 7 of a contract that has a first cost of $70,000 in year 0 and annual costs of $15,000 in years 3 through 7? Use an interest rate of 10% per year

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