A seven-year project has an initial investment of $550,000 and an annual operating cost of $32,000 in the first year. The operating costs are expected to increase at the rate of inflation, which is projected at 2% for the life of the project. The investment is in Class 7 for CCA purposes, and will therefore be depreciated at 15% annually. The salvage value at the end of the project will be $98,000. The firms discount rate is 11%, and the company falls in the 35% tax bracket. What is the EAC for the investment?