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A process currently costs $56,609 and should increase $17,646 per year over the next 4 years, starting in year 2. If the company's effective interest

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A process currently costs $56,609 and should increase $17,646 per year over the next 4 years, starting in year 2. If the company's effective interest rate is 4.93%, what is the expected equivalent annual cost over this period? (Do not use +/- signs)

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