You are operating an old machine that is expected to produce a cash inflow of $6,300 in each of the next 3 years before it fails. You can replace it now with a new machine that costs $21,300 but is much more efficient and will provide a cash flow of $11,950 a year for 4 years.

Calculate the equivalent annual cost of the new machine if the discount rate is 14%. (Do not round intermediate calculations. Round your answer to 2 decimal places.)