Problem 8-36 Replacement Decision (LOS) You are operating an old machine that is expected to produce a cash inflow of $6,700 in each of the next 3 years before it fails. You can replace it now with a new machine that costs $21700 but is much more efficient and will provide a cash flow of $12,550 a year for 4 years Calculate the equivalent annual cost of the new machine if the discount rate is 14%. (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Equivalent annual cost of the purchase price Should you replace your equipment now? Yes No