Highlander Inc. uses state-of-the-art equipment to manufacture products for its customers. Each machine costs $1,520,000, plus an additional $48,000 a year to operate. The machines have a five-year life. What is the equivalent annual cost of one these machines if the cost of capital is 15.5 percent?

Group of answer choices

-$295,666.67

-$427,109.10

-$506,819.32

-$556,947.08

-$335,803.37