Your engineering group has developed a new process that requires an initial investment of $600 000. It will generate increasing net revenues as follows: $200 000 in the first year, increasing by $50 000 per year for the next four years. In addition, the process will require substantial refitting in year three, at a cost of $400 000. At the end of 5 years the salvage value is estimated at $100 000. If the interest rate is 10%, calculate the Equivalent Annual Cash Flow (EACF) of the project