3. Determine the equivalent uniform annual cost of a process which will involve an initial outlay of $70,000 followed by costs of $8,000 in year 1, $9,000 in year 2, and amounts increasing by $1,000 per year through its 13-year life. Assume that the interest rate is 14% per year. The cash flow associated with a particular project is expected to be$2,500 in year 1 and $2,800 in year 2 and amounts increasing by $300 per year through its 15 year life.. How great an initial investment will be required if the interest is $12% per year? 4