Sheep Ranch Golf Academy is evaluating new golf practice equipment. The "Dimple$-$

Max" equipment costs $$146,000,$ has a $4-$year life, and costs $$10,300$ per year to

operate. The relevant discount rate is $12$ percent. Assume that the straight$-$line

depreciation method is used and that the equipment is fully depreciated to zero.

Furthermore, assume the equipment has a salvage value of $$10,700$ at the end of the

project's life. The relevant tax rate is $21$ percent. All cash flows occur at the end of the

year. What is the equivalent annual cost $($EAC$)$ of this equipment? $($ A negative amount

should be indicated by a minus sign. Do not round intermediate calculations and

round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

EAC