An elevator system in an office building can either be refurbished or replaced. Refurbishing the elevators will cost $55000 and extend the life of the elevators another 20 years. salvage value at the end of 20 years will be $11000. Annual maintenance costs will be $1000 per year. The current salvage value of the elevators is $32000. if the interest rate is 4%, the annual equivalent cost for refurbishing the elevators is? The answer is $7030, but I am not sure how to get to this answer. Thank you for your help. :)

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