Question: Problem 8-28 Equivalent Annual Annuity (LO5) A precision lathe costs $22,000 and will cost $32,000 a year to operate and maintain. If the discount rate

Problem 8-28 Equivalent Annual Annuity (LO5) A precision lathe costs $22,000 and will cost $32,000 a year to operate and maintain. If the discount rate is 12% and the lathe will last for 3 years, what is the equivalent annual cost of the tool? (Do not round intermediate calculations. Round your answer to 2 decimal places. Enter your answer as a positive value.)

Equivalent annual cost $

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