Davis Inc. has budgeted payments of $$11,600$ a year to buy new equipment. At a $7\%$ discount rate, the company plans to finance annual payments for $5$ years with payments at the end of each year. What is the cost of equipment that Davis can afford? $($For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places $($e$.$g$.,52\mathrm{.}75).)$

Table $4$: Present Value of an Annuity of $1$

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