Consider a palletizer at a bottling plant that has a first cost of $160,500, operating and maintenance costs of $18,725 per year, and an estimated net salvage value of $26,750 at the end of 30 years. Assume an interest rate of 8%. What is the annual equivalent cost of the investment if the planning horizon is 30 years?

$31,843

$32,746

$37,589

$34,219