Solar Hydro manufactures a revolutionary aeration system that combines coarse and fine bubble aeration components. This year (year 1) the cost for check valve components is $9,000. Based on closure of...

Solar Hydro manufactures a revolutionary aeration

system that combines coarse and fine bubble aeration

components. This year (year 1) the cost for

check valve components is $9,000. Based on closure

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 5-year period at an interest

rate of 10% per year?