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The Coca-cola Company are looking to go for a project that will require an initial investment of $ 500,000 and an annual expenditure of $ 50,000 from year one till the 5th year and annual expenditure of $ 70,000 from the 6th year till the end of this project. The project will provide revenue of $ 100,000 annually but will decrease by $ 1060 each year till the end. The project has a life time of 10 years. Find out the PEC (present equivalent cost) if the nominal interest rate is 15%%