You are considering two mutually exclusive projects with unequal lives. One of the projects has an up-front cost of $60,000 (CF0= -60,000) and produces positive after- tax cash inflows of $20,000 a year at the end of each of the next 7 years. Assuming the cost of capital is 9.3%, what is the equivalent annual annuity of the project? $5,948 $6,398 $7,298 $7,958 $8,828 $9,788