Problem
Contributed by Hamed Kashani, Saeid Sadri, and Baabak Ashuri, Georgia Institute of Technology.
A construction firm can achieve a $15,000 cost savings in Year 1 and increasing by $2000 each year for the next 5 years by upgrading some equipment. At an interest rate of 15%, what is the equivalent annual worth of the savings?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.