Equivalent Annual Cost:

Country Breads uses specialized ovens to bake its bread. One oven costs $189,000 and lasts about seven years before it needs to be replaced. The annual operating cost per oven is $23,800. What is the equivalent annual cost of an oven if the required rate of return is 11 percent and the equipment is depreciated straight line to a value of zero over the projects life? Please show all of the steps to getting the answer, thank you.