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Weirton Steel signed a 5-year contract to purchase water treatment chemicals from a local distributor for $6,226per year. When the contract ends, the cost of

Weirton Steel signed a 5-year contract to purchase water treatment chemicals from a local distributor for $6,226per year. When the contract ends, the cost of the chemicals is expected to increase by 12% per year for the next 8 years. If an initial investment in storage tanks is $30,149, determine the equivalent present worth in year 0 of all of the cash flows at i = 15% per year.

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