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I've solved the problem attached below. I simply want to confirm that the answer is correct. Please solve the problem

and show work

Thank you very much!

HT Bowling, Inc is considering the purchase of VOIP phone system. It will require an initial investment of $16,750 and $4,750 per year in annual operating costs over the equipment's estimated useful life of 4 years. The company will use a discount rate of 9%. What is the equivalent annual cost? $15,110 $12.961 $4,723 $9,920