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 $76,000 now and $64,000 in each of the next 4 years to improve productivity. By how much must annual costs decrease in years 5 through 12 to recover the investment plus a return of 11% per year?

The annual cost decreases by_____ $