You're thinking of buying a car to travel around in, rather than using the train. You can buy an old second hand car for $3,000 now (t=0), and sell it after 12 years for $2,500 (t=12). You estimate that the car will cost $6,500 per year in fuel, insurance, registration and maintenance, paid in arrears, so there will be 12 payments from t=1 to t=12 inclusive. Find the equivalent annual cost (EAC) of the car if the required return is 13% pa.