A five-year project has an initial fixed asset investment of $265,000, an initial NWC investment of $21,000, and an annual OCF of $20,000. The fixed asset is fully depreciated over the life of the project and has no salvage value. If the required return is 12%, what is this projects equivalent annual cost, or EAC? (Negative answer should be indicated by a minus sign. Do not round your intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Equivalent annual cost =