2. A delivery van costs $30,000, has a life of eight years, and has running costs of $1,500 a year, paid at the end of each year. (2 marks) The real discount rate is 4%, given as an effective annual rate. Assume that all cash flows are real. The inflation rate is 3% given as an effective annual rate. Find the Equivalent Annual Cost (EAC) of the delivery van.Answer to 2 decimal places, ignore the negative sign.