A precision lathe costs $11,700 and will cost $28,500 a year to operate and maintain. If the discount rate is 11% and the lathe will last for 5 years, what is the equivalent annual cost of the tool? (Enter your answer as positive volue. Round your answer to 2 decimal) places.) The equivalent annual cost $ A precision lathe costs $11,700 and will cost $28,500 a year to operate and maintain. If the discount rate is 11% and the lathe will last for 5 years, what is the equivalent annual cost of the tool? (Enter your answer as positive volue. Round your answer to 2 decimal) places.) The equivalent annual cost $