A city plans to invest in a project that costs $500,000 dollars in year zero and that has a life of 15 years. In addition to the initial cost the city will have to pay costs of $30,000 per year beginning 4 years from now (i.e., beginning at the end of year 4 and continuing through year 15) plus $15,000 five years from now and $10,000 twelve years from now. Calculate the equivalent annual cost of the project if the annual compound interest is 8%.