Quiz VII Saved 1 A precision lathe costs $11,600 and will cost $28,000 a year to operate and maintain, If the discount rate is 10% and the lathe will last for 4 years. What is the equivalent annual...

Extracted text: Quiz VII Saved 1 A precision lathe costs $11,600 and will cost $28,000 a year to operate and maintain, If the discount rate is 10% and the lathe will last for 4 years. What is the equivalent annual cost of the tool (Enter your answer os positive value. Round your enswer to the neerest cent.) The equivalent antnial cost s 00::02