A project requires an investment of $1,200 today and it is expected to generate free cash flows of $400 at the end of year 1, $500 at the end of year 2 and, $700 at the end of year 3. The company's weighted average cost of capital is 10.4% per year. What is the project's equivalent annual annuity? 1) $19.7 2) $28.3 3) $37.6 4) $16.4 5) $33.9