A chemical engineer is considering two styles of pipes for moving distillate from a refinery to the tank farm A small pipeline will cost less to purchase (including valves and other appurtenances) but will have a high head loss and therefore, a higher pumping cost. The small pipeline will cost $1.7 million installed and will have an operating cost of $12,000 per month A larger-diameter pipeline will cost $2 million installed, but its operating cost will be only $8000 per month. Assume the salvage value is 10% of the first cost for each pipeline at the end of the 10-year study period. Determine the equivalent annual worth of the small pipeline at a MARR of 12% per year compounded monthly (Answer should be per month)