You are planning to buy snow removal equipment – (a sure way to?make money in NY in April!). The machine you need costs $55,000 and?has operating and maintenance costs that start at $15,000 the first?year and increase by $2,000 per year each year thereafter. Assume?that the salvage value at the end of 5 years is $2,000 and interest?rate is 12%. What is the equivalent annual cost (i.e. annual worth)of owning and operating the machine?