A company that manufactures magnetic flow meters expects to undertake a project that will have the cash flows estimated.

First cost, $780,000Equipment replacement cost in year 2, $300,000Annual operating cost, $/year830,000Salvage value, $250,000Life, years4

At an interest rate of 10% per year, what is the equivalent annual cost of the project? Find the AW value using tabulated factors.

The equivalent annual cost of the project is $?.