Last year, a decision was made to keep the same equipment in lieu of buying new equipment. The old equipment's trade-in value last year was $5000 and its value this year is $2400. The operating cost was $1000 last year. If bought last year, the new equipment would have cost $14000, the salvage value after 9 years would be $3000, and it would have an annual operating cost of $5000. MARR is 9% per year. What is the EAC of the new equipment