Toscano Enterprises is evaluating a 8-year project with an initial fixed asset investment of $21,420, an initial NWC investment of $2,040, and an annual OCF of -$32,640. The fixed asset is fully depreciated over the life of the project and has no salvage value, but the NWC is recovered at the end of the project.

If the required return is 11 percent, what is the project's equivalent annual cost? (Do not round your intermediate calculations.)

$-37,026.76

$-23,818.03

$-31,472.74

$-35,175.42

$-38,878.09