Spin Chemicals has a cost of capital of 9% and is considering a 3 year project as well as a 7 year project. It can replicate these projects indefinitely. Below are the cash flows for the 3 year project.

Cash Flows 3 year project:

Year 0	Year 1	Year 2	Year 3
(140,000)	56,000	59,000	53,000

Calculate the Equivalent Annual Annuity for the 3 year project to assist Spin's CFO in making a choice between the 3 and 7 year projects. (No data is provided in this question for the seven year project. You are only to prepare the information regarding the three year project as needed for the decision making process as stated above.Show your calculation below.