A firm can lease a truck for 4 years at a cost of $38,000 annually. It can instead buy a truck at a cost of $88,000, with annual maintenance expenses of $18,000. The truck will be sold at the end of 4 years for $28,000. a. What is the equivalent annual cost of buying and maintaining the truck if the discount rate is 16%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)