Bridgton Golf Academy is evaluating different golf practice equipment. The Dimple-Max equipment costs $94,000, has a three-year life, and costs $8,600 per year to operate. The relevant discount rate is 12%. Assume that the straight-line depreciation method is used and that the equipment is fully depreciated to $0. Furthermore, assume the equipment has a salvage value of $18,000 at the end of the projects life. The relevant tax rate is 34%. All cash flows occur at the end of the year. What is the equivalent annual cost (EAC) of this equipment?