A 9-year project has an initial fixed asset investment of $13,440, an initial NWC investment of $1,280, and an annual OCF of -$20,480. The fixed asset is fully depreciated over the life of the project and has no salvage value.

Required:

If the required return is 14 percent, what is the project's equivalent annual cost, or EAC? (Do not round your intermediate calculations.)

rev: 09_18_2012

$-19,869.89

$-12,847.57

$-24,545.16

$-23,376.34

$-22,207.53

Do not use Excel. Please show how to workout with Financial Calculator CF, NPV, Find PMT (-EAC). Thank You.