c Understanding equivalent annual cost A machine costs $ 11,000.00 to purchase and will cost $ 4,000.00 per year to operate and maintain. If the appropriate discount rate is 7.7% and the machine will last 10 years, what is the equivalent annual cost for this machine? Initial cost= $ 11,000.00 Annual cash flows= $ (4,000.00) Discount rate= 7.7% Investment horizon= 10 PV of the cash flows= Equivalent annual cost=