A newly implemented technology in a manufacturing plant pays zero revenue in the first 2 years but \(\$ 1,000\) revenue in the third and fourth years; this amount increases by \(\$ 500\) annually for the following 5 years. If the company uses an MARR of \(5.5 \%\) per year, what is the present value of these cash flows? What is the annual equivalent of the benefits over a 7 -year period?