Bridgton Golf Academy is evaluating new golf practice equipment. The "Dimple-Max" equipment costs $64,000, has a three-year life, and costs $7,500 per year to operate. The relevant discount rate is 12 percent. Assume that the straight-line depreciation method is used and that the equipment is fully depreciated to zero. Furthermore, assume the equipment has a salvage value o relevant tax rate is 34 percent. All cash flows occur at the end of the year. What is the equivalent annual cost EAC) of this equipment