"Your company is purchasing a machine that costs $37,000 now and can be sold for $16,000 in year 8 at the end of the machine's life. The machine costs $13,000 each year to operate and the raw materials cost $12,000 each year. The machine produces 700 pieces each year. Using an annual interest rate of 6%, what is the cost per piece produced? HINT: Calculate the Annual Equivalent Cost first."