A four-year project requires an initial investment of $165,000 in fixed assets plus $25,000 in net working capital. The project has after-tax costs of $14,501. The assets belong in a 20% CCA class and will have no salvage value. What is the project's equivalent annual cost if the required return is 14% and the firm's tax rate is 34%?

Multiple Choice

• $63,998

• $201,011

• $159,418

• $186,474

• $232,249