The initial cost of a pickup truck is $12,294 and will have a salvage value of $4,414 after five years. Maintenance is estimated to be a uniform gradient amount of $175 per year, with zero dollar for first year maintenance. The operation cost is estimated to be $0.36 per mile for 283 miles per month. If the interest rate is 12%, what is theannual equivalent cost (AEC)for the truck?