You are contemplating installing a new order entry system which will help you speed up processing and save costs. The system (hardware) cost $225,000 which is depreciated in a straight line basis over the life of the project. An annual system upgrade of $18,000 is required. The system will be obsolete in 4 years and you believe the hardware can be sold for $15,000 at that time. The companys required rate of return is 11% and their tax rate is 23%. What is the equivalent annual cost of the new order entry system?