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Problem 8-32 Equivalent Annual Annuity (L05) A precision lathe costs $25.000 and will cost $35,000 a year to operate and maintain. If the discount rate

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Problem 8-32 Equivalent Annual Annuity (L05) A precision lathe costs $25.000 and will cost $35,000 a year to operate and maintain. If the discount rate is 12% and the lathe will last for 3 years, what is the equivalent annual cost of the tool? (Do not round intermediate calculations. Round your answer to 2 decimal places. Enter your answer as a positive value.) Equivalontaal cost

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