What is the equivalent annual cost in years $1$ through $9\mathrm{.}00$ of a contract that has a first cost of $$62,000$ in year $0$ and annual costs of $$20,000$ in years $3$ through $9\mathrm{.}00?$ Use an interest rate of $12\mathrm{.}00\%$ per year. $($Round the final answer to three decimal places.$)$

The equivalent annual cost is determined to be $