CampJump Academy is evaluating different snowboard practice equipment. The "360Turns" equipment costs $104,300, has a seven-year life, and costs $13,900 per year to operate. The 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 "360Turns" equipment has a salvage value of $10,500 at the end of the project's life. All cash flows occur at the end of the year. The tax rate is 23 percent. What is the Equivalent Annual Cost of this equipment? Hint! (PVIFA12%.7) =4.5638