A recently hired chief executive officer wants to reduce future production costs to improve the companys earnings, thereby increasing the value of the companys stock. The plan is to invest $88,000 now and $60,000 in each of the next 5 years to improve productivity. By how much must annual costs decrease in years 6 through 15 to recover the investment plus a return of 11% per year?

The annual cost decrease,(in $)

Round off to the nearest two (2) decimal places