Tom is evaluating a project that costs $950,000, has a five-year life, and has no salvage value. Assume that depreciation is straight line to zero over the life of the project. Sales are projected at 90,000 units per your price per unit is $65, variable cost per unit is $30, and fixed costs are $2 milion per year. The tax rate is 21%, and the required rate of return on the project is 12% Calculate the equivalent annual cost of the machine. (Round to 2 decimals)