A company that manufactures a revolutionary aeration system combining coarse and fine bubble aeration components had costs this year (year 1) of $9,000 for check valve components. Based on completion of a new contract with a distributor in China and volume discounts, the company expects this cost to decrease.

If the cost in year 2 and each year thereafter decreases by $560, what is the equivalent annual cost for a five-year period at an interest rate of 10% per year?

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