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A method for calculating the propagation characteristics of electromagnetic waves along arbitrarily configurated transmission media composed of conductors and/or inhomogeneous dielectrics is presented. The method is based on the equivalence principle. The dispersion characteristics of the fundamental as well as higher order modes can be obtained by this method. To demonstrate the validity of this method, results of the propagation constant of a shielded microstrip line calculated by this method are compared with other numerical results available in the literature. New results for the dispersion characteristics of a channelized suspended microstrip are presented.