You are operating an old machine that is expected to produce a cash inflow of $$5,800$ in each of the next $3$ years before it fails. Yot can replace it now with a new machine that costs $$20,800$ but is much more efficient and will provide a cash flow of $$11,200$ a year $4$ years.

Calculate the equivalent annual cost of the new machine if the discount rate is $16\%.$

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Answer is complete but not entirely correct.

$\backslash$table$[[$Equivalent annual cost of the purchase price $$31,339\mathrm{.}84ox$