A precision lathe costs $12,000 and will cost $22,000 a year to operate and maintain. If the discount rate is 14% and the lathe will last for 4 years, what is the equivalent annual cost of the tool? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Enter your answer as a positive value. Equivalent annual cost

A precision lathe costs $12,000 and wili cost $22,000 a year to operate and maintain. If the discount rate is 14% and the lathe will last for 4 years, what is the equivalent annual cost of the tool? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Enter your answer as a positive value