Question: 6. What is the equivalent annual cost (EAC) for a project that requires a $400 initial investment, and a $300 annual operating expense during each

6. What is the equivalent annual cost (EAC) for a project that requires a $400 initial investment, and a $300 annual operating expense during each of the next 5 years if the opportunity cost of capital is 10%?

A) $131.17

B) $310.79

C) $405.50

D) $100.00

please solve step by step and indicate if using a financial calculator

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