Company XYZ is considering a project to upgrade its current operation system. The project requires an initial cost of $445,000 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 $45,000 salvage value. Every year, the system requires pre-tax operating costs of $41,000 from year 1 to year 5. The required return is 13%.The tax rate is 24%. Calculate the Equivalent Annual Cost for this project.