15. 3.42 Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $125,000 in year

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15. 3.42 Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $125,000 in year 1 and increase by 3% each year through year 5. What is the equivalent annual worth of the maintenance costs at an interest rate of 10% per year compounded semiannually? Solve using

(a) the factor formula, and

(b) a spreadsheet.

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