Problem $10-18$ Calculating EAC $[$LO$4]$

A five$-$year project has an initial fixed asset investment of $$355,000,$ an initial NWC

investment of $$39,000,$ and an annual OCF of $-$$$38,000.$ The fixed asset is fully

depreciated over the life of the project and has no salvage value. If the required return is

$11$ percent, what is this project's equivalent annual cost, or EAC? $($A negative

answer should be indicated by a minus sign. Do not round intermediate calculations

and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$