Question: West Coast Marine & RV is considering replacing its wired pendant controllers on its heavy-duty cranes with new portable infrared keypad controllers. The company expects

West Coast Marine & RV is considering replacing its wired pendant controllers on its heavy-duty cranes with new portable infrared keypad controllers. The company expects to achieve a cost savings of $14,000 the first year and amounts increasing by $1500 each year thereafter for the next 4 years. At an interest rate of 12% per year, what is the equivalent annual worth of the savings?

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