A piece of equipment with a purchase price of $50,000 today has a useful life of three years, and requires maintenance expenditures of $2,000 at the end of year 1 and $5,000 at the end of year 2. The discount rate is 6%. Calculate the Equivalent Annual Cost (equivalent annuity) of owning the equipment over the 3 years. Multiple Choice 16.962 O 18,211 O O 19,874 O 20,062 21,076