Tristar plans to invest $513,600 by way of machinery in a project to replace its old machinery. The annual operating cash flow of the project is estimated at -$76,540. The fixed asset is fully depreciated over the life of the project and has no salvage value. The project also requires an initial investment in net working capital of $22,200, that will be recovered at the end of the project. The required return is 11.7 percent. If the life of the project is five years, what is the project's equivalent annual cost