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A project has an initial outlay of $1,502. The project will generate cash flows of $4,056 in Years 1-5. What is the Equivalent Annual Annuity

A project has an initial outlay of $1,502. The project will generate cash flows of $4,056 in Years 1-5. What is the Equivalent Annual Annuity (EAA) of this project? Assume an interest rate of 8%

Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. If your answer is negative, enter your answer as a negative number rounded off to two decimal points.

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