Company FIN3610-ETRA is considering a project to upgrade its current operation system. The project requires an initial cost of $470,000 to purchase an equipment and the equipment will be depreciated straight-line to zero. The project is expected to last for 5 years and the equipment is expected to have $50,000 salvaga value. Every year, the system requires pre-tax operating costs of $46,000 from year 1 to year 5. The required return is 10% The tax rate is 24%. Please calculate the Equivalent Annual Cost for this project. (A negative answer should be indicated by a minus sign. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g. 32.16.) EAC